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This is an archive article published on February 25, 2012
Sensex posts first weekly loss in 12
The benchmark BSE Sensex retreated 2 per cent this week.
Written by ENS Economic Bureau
Mumbai | February 25, 2012 12:54 AM IST
2 min read
2 min read
Indian equities posted their first weekly fall this calendar year on the back of profit booking and concerns that rising global crude oil prices might not give the central bank the freedom to slash key policy rates. The benchmark BSE Sensex retreated 2 per cent this week.
FIIs purchased shares worth Rs 8,955 crore,according to provisional BSE data as Citigroup sold its stake in HDFC for 1.9 billion. FIIs,who had pretty much stayed away from Indian equities in 2011,have already shopped for stocks worth about 7.4 billion in the year to date.
Rollovers for the February to March series on Thursday were slightly on the lower side in percentage terms but high in terms of absolute open interest. FIIs rolled over their long positions during the expiry,indicating a bullish stance. However, according to Kotak Securities associate vice-president derivatives,Sahaj Agrawal,profit booking was seen across frontline and mid-cap stocks towards the expiry.
Morgan Stanleys chief Asia and emerging-market strategist Jonathan Garner,said he was concerned about Indias stock market because the nation is a major oil importer.
We dont think the fundamentals have improved that much on the ground in India and theres still lot of political risks and theres this new factor of a surge in oil, Garner said in a Bloomberg Television interview on Friday.
On Friday,the BSE Sensex fell 154.93 points to close at 1,7923 while the broader Nifty was down 54 points at 5,429. The Street is hoping the countrys central bank RBI will take steps to ease liquidity and prop up growth,when it meets in March.
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