Sensex drops 194.78 pts; snaps five-week rally

After a tremendous rally seen in September, which took markets 16% higher, now it seems correction have set in. Indian stocks dropped, snapping five weeks of rally. This week saw sustained profit booking and weak global cues, which dragged the markets down. However, the broader markets managed to close stronger for the week. FMCG index plunged 3.13% over the week in the BSE sectoral space followed by Capital goods index, declined 1.08%. However, Healthcare and Oil & gas indices gained over 3.25% and 1.91% week-on-week.



Meanwhile, Food inflation fell marginally to 16.24% for the week ended 25th September, on slight easing of supply side pressures, even as prices of cereals, fruits, select vegetables and milk remained high. After rising for the fifth straight week, food inflation declined by 20% points during the week.

The 30 share index, Sensex dropped 194.78 points, or 0.95%, to 20,250.26 in the week ended Oct. 08, 2010. On the other hand, the broad based NSE Nifty declined 39.95 points, or 0.65%, to 6,103.45 in the same period.

Mid-cap stocks climbed 116.90 points, or 1.42%, to 8,330.57 in the week. While small-cap shares rose 108.88 points, or 1.05%, to 10,512.53 during the week.

New Listing

Ramky Infrastructure

Equity shares of Ramky Infrastructure which got listed today (Friday), settled at Rs 388, a discount of 13.78% against the issue price of Rs 450 a share. It opened at Rs 471.55, a premium of 4.79% against its issue price and touched a low of Rs 351.20. A total of 10.24 million equity shares exchanged hands.

Orient Green Power Company

Equity shares of Orient Green Power Company which got listed today (Friday), settled at Rs 45, a discount of 4.26% against the issue price of Rs 47 a share. It opened at Rs 45.70, a discount of 2.79% against its issue price. The scrip touched a high of Rs 46.65 and a low of Rs 38.10. A total of 39.36 million equity shares exchanged hands.

Electrosteel Steels

Equity shares of Electrosteel Steels which got listed today (Friday, settled at Rs 11.40, a premium of 3.64% against the issue price of Rs 11 a share. It opened at Rs 11.15, a premium of 1.36% against its issue price. The scrip touched a high of Rs 11.85 and a low of Rs 9.35. A total of 229.80 million equity shares exchanged hands.