Markets end marginally lower during the week as stocks consolidate

24 December 2005

The indices started the week on a firm note as the Sensex crossed the 9400 mark on Monday. Both indices closed with gains of well over a per cent each as lower oil prices and firm global markets helped improve the sentiment.

Markets corrected on Tuesday after the indices touched new lifetime highs in early trades. After remaining subdued on Wednesday, the markets regained some strength on Thursday helped by ONGC and some banking stocks.

Friday saw new records for the indices in early trades. Sensex recorded a new intra-day lifetime high of 9443 during the week while the Nifty touched a high of 2857.

Both indices declined from their highs on Friday and closed more than a per cent each lower as profit booking emerged in many frontline stocks in afternoon trades.

The Sensex lost 27 points or 0.29 per cent during the week and the Nifty declined by 5 points or 0.18 per cent over the week.

There was not much action in mid-caps during the week as the index closed marginally lower. Sectors like sugar attracted a lot of interest and stock specific activity continued. The movement of the mid-cap index was in line with the frontline indices during the week. The CNX Mid-Cap 100 index lost 3 points or less than one-tenths of a per cent during the week.

Domestic economic and regulatory action

• Merchandise exports during the month of November showed a decline of more than 10 per cent as compared to the same month of last year, the first monthly fall for more than three years. The fall in exports during a historically buoyant month is a cause for worry.