Sensex falls for 2nd straight week, down 251 points (Weekly market review)

Mumbai, June 15 (IANS) Key indices of Indian equities markets closed in the red for the second consecutive week, with benchmark Sensex losing 251 points, due to persistent weakness in the rupee and sluggish growth numbers.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended the week at 19177.93 points, down 1.29 percent or 251.30 points from its previous week close at 19429.23 points.

The benchmark index has lost 5.12 percent or 1035.03 points in the last one month largely due to persistent selling pressure from foreign institutional investors.

According to data available with the market regulator Securities and Exchange Board of India (SEBI), foreign institutional investors sold shares worth Rs.2,515 crore during the week.

The wider 50-scrip S&P CNX Nifty of the National Stock Exchange (NSE) ended the week 1.23 percent down at 5,808.40 points.

The markets witnessed volatile trading. The benchmark Sensex started the week on a positive note at 19,530.35 points and moved further higher at 19,585.75 points.

However, the Sensex slumped towards the middle of the week on sluggish industrial output numbers and weakness in rupee.

The Indian rupee was hovering at around 58 against a dollar after slumping to a record low of 58.98.

The Sensex recovered nearly two percent Friday on positive inflation data that boosted hopes for rate cut by the Reserve Bank of India (RBI) when it reviews the monetary policy Monday.

The 30-scrip index gained 350.77 points or 1.86 percent Friday. The Nifty rallied 1.92 percent or 109.30 points.

The headline inflation fell to 4.7 percent in May, the lowest in 43 months. The country’s main inflation indicator based on Wholesale Price Index (WPI) was recorded at 4.89 percent in April and 7.55 percent in the corresponding month of last year.

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