MUMBAI: The correction on Dalal Street seems to be gaining momentum. On Thursday, BSE sensex lost a further 231 points - its fourth consecutive
session of loss - to close at 16,053, the lowest close for the index in eight weeks. The day's losses came on the back of weaknesses in several major markets mainly because of doubts surrounding the recent global economic recovery. Thursday's slide was led by strong selling by foreign funds. Provisional data on the BSE showed that FIIs had a net outflow of nearly Rs 2,550 crore while domestic funds, with a net inflow of Rs 896 crore, partially cushioned the fall. Data showed that through a series of block deals, Goldman Sachs, Credit Suisse and Citi offloaded large chunks of shares on the NSE, aggregating a net outflow of about Rs 240 crore. Of these, Citi sold about 1 crore shares of Suzlon Energy, translating to about 0.7% of the company, for Rs 72 crore. Citi now holds nearly 4% in Suzlon. After Thursday's net selling by FIIs, the aggregate for the current month also turned, to a net outflow of nearly Rs 600 crore now. Over the last nine sessions, sensex has lost over 1,400 points, or 8.2%, since its Diwali day high at 17,493. And investors have lost Rs 4.3 lakh crore with BSE's market capitalisation now at Rs 53.9 lakh crore. In Thursday's session, real estate, banking and metal stocks were the worst hit. While BSE's Realty index ended 6.4% off, both metal and banking indices were down 2.6% at close. Over the last one week, the real estate index has lost 15.6%, metal 9.4% and the banking 8%. Compared to these, sensex has lost 4.4% during the same period.
session of loss - to close at 16,053, the lowest close for the index in eight weeks. The day's losses came on the back of weaknesses in several major markets mainly because of doubts surrounding the recent global economic recovery. Thursday's slide was led by strong selling by foreign funds. Provisional data on the BSE showed that FIIs had a net outflow of nearly Rs 2,550 crore while domestic funds, with a net inflow of Rs 896 crore, partially cushioned the fall. Data showed that through a series of block deals, Goldman Sachs, Credit Suisse and Citi offloaded large chunks of shares on the NSE, aggregating a net outflow of about Rs 240 crore. Of these, Citi sold about 1 crore shares of Suzlon Energy, translating to about 0.7% of the company, for Rs 72 crore. Citi now holds nearly 4% in Suzlon. After Thursday's net selling by FIIs, the aggregate for the current month also turned, to a net outflow of nearly Rs 600 crore now. Over the last nine sessions, sensex has lost over 1,400 points, or 8.2%, since its Diwali day high at 17,493. And investors have lost Rs 4.3 lakh crore with BSE's market capitalisation now at Rs 53.9 lakh crore. In Thursday's session, real estate, banking and metal stocks were the worst hit. While BSE's Realty index ended 6.4% off, both metal and banking indices were down 2.6% at close. Over the last one week, the real estate index has lost 15.6%, metal 9.4% and the banking 8%. Compared to these, sensex has lost 4.4% during the same period.
POSTED BY: PALLAVI SINGH
PGDM III SEM
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