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FIIs continue to batter Indian stock mkts

The market, already under pressure by uninterrupted capital outflows due to FIIs’ turn-around from buyers to net sellers, later heaved a sigh of relief following the release of key US Federal Open Market Committee (FOMC) minutes which indicated that interest rates would remain low in near future.

The reprieve turned to anxiety for the investors following IMF warning forecast that US Federal Reserve would risk massive losses. Eurozone’s biggest economy Germany’s worst industrial output data signalling recessionary fears triggered a global sell-off, severely affecting the market sentiment.

This is despite the good domestic corporate earnings results as IT major Infosys which posted a 28.6 per cent jump in consolidated net profits for the quarter ended September 30.

Across the sector selling was led by HealthCare, Metal, FMCG, Auto, IT, Teck and Consumer durables along with shares of Mid-Cap and Small-Cap companies. However, stocks from Power, Oil&Gas, Realty, Capital Goods and Banking segments managed to trade positive. The BSE 30-share barometer resumed lower at 26,487.51 and moved in a range of 26,688.70 and 26,150.09 before ending the week at 26,297.38, a net fall of 270.61 points or 1.02 per cent.

The Sensex has dropped 793.04 points or 2.93 per cent during the three weeks trade. Similarly, the broad-based 50-issue CNX Nifty of the NSE also declined by 85.60 points, or 1.08 per cent, to 7,859.95. FPIs/FIIs sold shares worth Rs 1,349.19 crs during the week, including provisional figure of October 10. 19 scrips of the 30-share sensex ended lower while 11 others finished higher.

The major losers were SSLT (7.72 per cent), Dr Reddy’s Lab (6.27), M&M (5.19), Wipro (5.04), Cipla (4.99), Sun Pharma (4.84), HDFC (4.17), TCS (3.48), Hindalco (3.19), ITC (2.99), Tata Motors (2.07) and Hero Motocorp (1.27).

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