Indian bourses resume slump after brief recovery
27 Aug 2011
Indian stock markets continued to see a selling streak for the fifth week running, with the Sensex, the Bombay Stock Exchange's index, closing below the 16,000 mark to hit an 18-month low.
The Nifty of the National Stock Exchange too touched an 18-month low, slipping below 4,800.
The 30-scrip Sensex lost nearly 2 per cent over the week due to heavy capital outflows. The index tanked 297.5 points or 1.84 per cent at 15,848.83 points on Friday.
The losses were largely attributed to the continuing free-fall seen on major international exchanges. Observers also attribute the fall in Indian bourses to the Anna Hazare-led anti-corruption movement, which has had a negative impact on the market.
Selling was seen across segments as 12 out of 13 BSE sector-wise indices closed lower, with metal, state-owned PSU companies, interest rate-related banking, realty and automotives being the worst hit.
Only three Sensex scrips closed in the positive: Hero MotoCorp, Mahindra & Mahindra, and Infosys Technologies, in that order of gains.