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Friday, October 21, 2011
Markets close week with 2% loss
Concerns of economic crisis in the Europe and earnings disappointment dragged the markets this week. The Sensex fell 1.74% and the Nifty slid 1.60% on weekly basis
Major news for the week
Food inflation at 10.6% versus 9.32%
FM says growth will be slower than expected
Rupee weakens past 50 a dollar for 1st time since May 2009
Exide Industries falls after Q2 results
L&T Q2 net profit marginally up
Crompton Greaves Q2 net profit declines by 29%
TCS Q2 consolidated net profit up 6%
HDFC Bank Q2 net profit jumps by 31%
HCL Technologies Q1 net profit surges 50%
Global jitters spook market
The market declined last week, trailing weakness in global shares caused by disappointment over a quick European rescue plan. Investors feared building fresh positions as data showing acceleration of food inflation early this month raised prospects of more rate hikes from the central bank to tame inflation, which remains uncomfortably high. Stock specific action was witnessed as most index heavyweights announced their June-September 2011 quarter results.
The BSE Sensex fell 297.05 points or 1.74% to settle at 16,785.64 in the week ended Friday, 21 October 2011. The 50 share S&P CNX Nifty fell 82.35 points or 1.60% to 5,049.95.
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