Sensex ends week with 241-pt loss (1) May 9, 2009
Posted by dhirendra1972 in Heartening Aspect, Respective Sectorial, Worst Performer.Tags: Domestic Institution, Domestic Shares, Institutional Investor, Overseas Fund, Steady Buyer, Trading Session
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Good morning friends. Banking and metal shares have been very volatile over the past few months. Investors are worried as regards to the rising of bad loans in the bank books and weak metal prices. With this kind of situation, this directs to falling of shares.
Domestic shares fell 2% on the last trading session of the week, while most markets across the globe continued their climb. Brokers attributed the decline to nervousness ahead of the election results to be announced next weekend.
The 30-share Sensex ended the day at 11,876.43, down 240.51 points, or 2%, over the previous close. The 50-share Nifty closed at 3620.70, down 63.20 points or 1.7% over the previous close.
“A correction was inevitable considering the run-up in the past couple of months,” said Ajay Parmar, head of research, Emkay Share & Stock Brokers. “But the heartening aspect is that institutional investors have been steady buyers,” he said.
However, foreign institutional participation on Friday was muted compared with the past few weeks. Overseas funds net-bought Rs 100 crore worth of shares, according to provisional data. Domestic institutions maintained their cautious approach, net-selling Rs 90 crore worth of shares. Banking, metal and IT shares were the worst performers, with the respective sectoral indices on BSE shedding 2-3%. – The Economic Times
