Business Market 20 Aug 2016 Market slips 75 poin ...

Market slips 75 points for the week on dismal macro-data

PTI
Published Aug 20, 2016, 1:37 pm IST
Updated Aug 20, 2016, 1:37 pm IST
Nifty ended almost flat, losing a marginal 5.25 points to conclude at 8,666.90.
For the week, the Sensex opened higher 28,190.04 and hovered between a high of 28,214.17 and a low of 27,942.65 before closing at 28,077.00, showing a loss of 75.40 points, or 0.27 per cent.
 For the week, the Sensex opened higher 28,190.04 and hovered between a high of 28,214.17 and a low of 27,942.65 before closing at 28,077.00, showing a loss of 75.40 points, or 0.27 per cent.

Mumbai: The BSE benchmark Sensex slipped 75.40 points, but managed to retain the key 28,000- level in the truncated trading week, while broader Nifty ended almost flat, losing a marginal 5.25 points to conclude at 8,666.90.

The week started with Independence-Day holiday, while the subsequent four trading-session saw the key indices ruling a range-bound momentum amid consolidative gains and losses.

 

Despite good FII inflows into Indian equities, the week witnessed investors focusing on government data of slowdown in industrial production growth and sharp surge in retail inflation by two year highs, also a 23 months high in WPI inflation amply restraining the previous three week's enthusiasm.

Trading sentiment also pressured by global caution due to renewed hawkish statement from some of the US policy makers on sooner interest rate hike rather than later, despite the US Federal Reserve latest meeting minutes issuing a dovish 'no rush to raise rates'.

 

However, certain stock specific news helped the index to galvanise the sentiment as banking sector made gains following SBI board okaying the merger of five associate banks and Bharatiya Mahila bank paving the way for creation of a bank of global size.

For the week, the Sensex opened higher 28,190.04 and hovered between a high of 28,214.17 and a low of 27,942.65 before closing at 28,077.00, showing a loss of 75.40 points, or 0.27 per cent. W     hile, the Nifty declined marginally by 5.25 points, or 0.06 per cent to 8,666.90 after moving between a high of 8,696.60 and a low of 8,600.45.

 

Selling was led by IT, Teck and FMCG sectors, while buying interest was seen in Metal, PSUs, Banks, Power, Oil and Gas, HealthCare and Capital Goods well supported by secondline stocks of mid-cap and small-cap companies.  

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