MUMBAI: Global economic apprehensions
of a slowdown in manufacturing growth in the coming months on debt crisis in
Europe pulled down the BSE benchmark Sensex by 114 points during the week.
Metal shares slid sharply on heavy selling. The BSE-Metal index fell
500.58 points or 3.36 per cent, after the Conference Board, a US-based research
group, corrected its April 2010 gauge to assess the outlook of China's economy.
IT shares dropped on profit-taking in view of dismal US economic
data, while banking stocks moved down on rate hike worries (RBI raised key rates
after market closed on Friday).
However, capital goods, small-cap,
mid-cap and oil & gas sectors firmed up on good support as exports rose for
the seventh straight month in May 2010, growing at a rate of 35 per cent per
annum to USD 16.1 billion. Still, cooling of the manufacturing growth in June
adversely affected the market.
Oil & gas stocks extended gains
after government freed petrol pricing and raised prices of other fuels last
week.
The 30-share Sensex resumed higher at 17,577.66 and hovered in
a range of 17,794.80 and 17,373.78 before ending the week at 17,460.95, showing
a net loss of 113.58 points, or 0.65 per cent.
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