Mumbai: Stocks: The truncated week saw hectic profit-booking in most of the sectors due to caution steered by ongoing fourth quarter earnings results, as the benchmark BSE Sensex lost 437.28 points and the NSE Nifty settled below the crucial 8,650-level, despite positive macroeconomic data.
The Bombay Stock Exchange and the National Stock Exchange were closed on April 14 on account of Ambedkar Jayanti.
The week started on a bullish note over better-than- expected Index of Industrial Production (IIP) data, leading the Sensex reclaiming 29,000-level.
However, it was shortlived and despite the fall in retail inflation (CPI) to a three month low and further contraction in wholesale price index (WPI), investors resorted to heavy profit-booking before as well as after the key corporate earning results started to trickle in.
Investors' disappointment over below the expected earnings numbers from country's largest software exporter and heavyweight TCS faltered the IT stocks with the sentiment further reflected by profit-booking in other key sectors.
Barring oil&gas, metal and FMCG, all other segments witnessed selling pressure led by realty, healthcare, IT, auto, teck, banks, capital goods, power and consumer durables.
The BSE 30-share barometer resumed higher at 28,955.13 from last weekend's close of 28,879.39 and moved in a range of 29,094.61 and 28,403.76 before concluding the week at 28,442.10, logging a loss of 437.28 points or 1.51 percent.
In previous two weeks, it had shot up by 1,420.74 points or 5.17 percent.
The 50-issue NSE Nifty also moved widely between a high of 8,844.80 and low 8,596.70 before settling the week at 8,606.00, exhibiting a steep loss of 174.35 points or 1.99 percent.
Concerns over the Greece's mounting debt troubles and rise in global crude oil prices kept the market under pressure, a broker said.
Veracity Group CEO Pramit Brahmbhatt said: "Profit-booking was seen in the market this week which dented the Nifty movement. Price sensitive stocks slipped down as war in Yemen intensified, which hammered the global equities.
Towards the end of the week software exporters mainly TCS, which declared lower-than-expected fourth quarter earnings, led the declines as investors curbed their positions doubting the further upside movement in the market."
Meanwhile, petro-chem giant and another heavyweight, Reliance Industries (RIL) announced better-than-expected fourth quarter earnings after the market hours on Friday. RIL's consolidated net profit rose by 8.5 percent.
Selling by Foreign Portfolio Investors (FPIs) too weighed negatively on the market. They sold shares worth Rs 539.16 crore in the week, including provisional figure of April 17.
Among the 30-share Sensex pack, 18 stocks closed with losses, 11 others finished with gains, while BHEL held stable.
Sun Pharma was the top loser with a fall of 7.26 percent followed by Hero MotoCorp 6.74 percent, TCS 6.63 percent, Infosys 6.49 percent, Axis Bank 5.98 percent, Wipro 5.04 percent, Tata Motors 4.74 percent, M&M 4.60 percent, Dr Reddy's 3.92 percent, Cipla 2.82 percent, ICICI Bank 2.56 percent, HDFC Bank 2.03 percent, Gail India 2.03 percent, Coal India 1.79 percent, Bajaj Auto 1.66 percent, Bharti Airtel 1.29 percent and L&T 1.09 percent.
However, ONGC firmed up by 6.51 percent, SSLT 4.41 percent, RIL 2.57 percent, Tata Power 2.15 percent, SBI 1.89 percent, Hindalco 1.38 percent, ITC 1.65 percent and NTPC 1.48 percent.
From the BSE sectoral indices, realty tumbled by 4.66 percent, healthcare 4.60 percent, IT 4.08 percent, auto 3.51 percent, teck 3.49 percent and consumer goods 1.84 percent while oil&gas rose by 1.35 percent.
The total turnover at the BSE and NSE was low at Rs 18,245.26 crore and Rs 73,151.16 crore, respectively.
