Sensex ends 75 pts down but gains 1.6% this week
23 Dec 2011
The market closed Friday's session in a negative terrain amid volatility, weighed down by banks, oil & gas, power and metals sectors. It seems that traders opted to book some profits in the afternoon trade ahead of the weekend, especially after hefty gains in previous two sessions. The Sensex fell 74.66 points, to close at 15,738.70 and the Nifty dropped 19.85 points, to end at 4,714.
Sudarshan Sukhani of s2analytics.com feels it is just choppy market action today. "This is a part of the consolidation process after big moves either side."
He said he would not be carrying any long position over the weekend. "A weak market is all the more reason to get out," he suggested.
For the week, the Sensex was up 1.6% and Nifty gained 1.34% - the sharp rally led by short covering on Wednesday and Thursday managed to offset fall made on Monday, Tuesday and Friday.
Today, shares of NTPC topped the selling list, falling over 3%. Index heavyweights Reliance Industries, Bharti Airtel, SBI and ONGC were down 1-1.5%.
ICICI Bank and Infosys among others dropped 0.7% each. Tata Steel, JSPL, Bajaj Auto, DLF, Tata Power and JP Associates went down 1-1.9%.
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