Worst weekly fall for Sensex since October. Stocks sank once again,
completing the Bombay Stock Exchange Sensitive Index’s worst week since
October, after Agriculture Minister Sharad Pawar said monsoon rainfall has
been deficient. Pawar said in the Lok Sabha today that the northwest region,
which included the biggest grain growing states of Punjab, Haryana and Uttar
Pradesh, had seen deficient rains. Though Pawar hoped the situation would
improve and India had enough food grain to meet demand for 13 months,
the market wasn’t convinced.
The Sensex fell 253.24, or 1.8 per cent, to 13,504.22. The index has dropped 9.5 per cent this
week. The S&P CNX Nifty Index on the National Stock Exchange fell below the support level
near 4,000 for the first time since election results in mid-May. India was the worst performer
among its global peers this week. The Nikkei -225 and Hang Seng lost 5.39 per cent and 2.72 per
cent, respectively. The Nasdaq and Dow Jones had lost 2.45 and 1.18 per cent till Thursday. The
better-than-expected Infosys results had led to a 300-point rally in the morning, but the
monsoon scare played spoilsport with Reliance Industries leading the slide, losing 4.2 per cent
to Rs 1,775.15. The information technology (IT) index was the only sect oral index in the green
and closed up by 2.17 per cent. Infosys rose 2.97 per cent while other IT majors Wipro and TCS
gained 1.56 per cent and 3.37 per cent respectively.
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