Sensex loses 442 points over the week (Weekly Market Review)

Mumbai, Feb 6 (Inditop.com) A benchmark index of Indian equities lost 442 points during an extended week ending Saturday as selling pressure built up across the markets, especially on the last two trading days.

Fears of rising sovereign debt in some European countries and poor US job data spooked global bourses, which was reflected in Indian stock markets as well. Trading at two major exchanges continued Saturday to test the upgraded systems.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) fell 442.31 points or 2.7 percent to end Saturday at 15,790.93 points, from its previous weekly close at 16,357.96 points.

The broader S&P CNX Nifty of the National Stock Exchange (NSE) too ended in the red at 4,757.25 points, losing 124 points or 2.6 percent.

Broader market indices reflected a similar trend though the losses were not as huge. The BSE midcap index ended 1.13 percent down and the BSE smallcap index fell 0.42 percent.

Data with markets watchdog Securities and Exchange Board of India (SEBI) showed that foreign funds were net buyers till Friday, having bought scrips worth $130.68 million during the five full trading days.

The top Sensex gainers were Hero Honda (up 1.7 percent) and HDFC (up 0.2 percent).

Among major losers were Ranbaxy Labs (down 11.1 percent), SBI (down 7.7 percent), DLF (down 7.5 percent), Hindalco (down 6.2 percent) and Reliance Capital (down 6.2 percent).

Indian markets had to endure a selling mayhem Thursday and Friday, reflecting to a certain extent fears of increase in debt of east European countries and US job data, which indicated more jobs being lost.

Concerns over rising inflation weighed heavy on investor minds, who sold in droves. At close Saturday, the Sensex had lost 1,785.48 points or 10.09 percent in a month, while the Nifty fell 11.02 percent or 524.55 points during the period.