Sensex logs biggest weekly fall in over 6 yrs

After a bloodbath yesterday, the BSE Sensex managed to end 34 points higher at 22,986.12 today, but recorded its biggest weekly fall in more than six years as fears of a global slowdown and muted quarterly numbers of blue-chips, especially banks, hammered stocks during the week.

Investors are fleeing from risky assets and running to safe havens like gold and bonds amid mounting concerns over the health of a global economy and deteriorating bad loan scenario at the public sector banks.

Both the indexes recorded their biggest weekly fall since July 2009 with the Sensex falling 1,630.85 points or 6.62 per cent and Nifty down 508.15 points or 6.78 per cent.

Meanwhile, attributing the recent crash in stock market to global factors, Finance Minister Arun Jaitley today said there was no need for "exaggerated panic" and investors should keep the economy's inherent strength in mind while investing.

The 30-share BSE index after reclaiming the 23,000-mark at the outset advanced further to hit the day's high of 23,161. However, on profit-booking at every rise, it slipped into the negative zone to touch a low of 22,600.39 points before settling 34.29 points or 0.15 per cent higher at 22,986.12.

The NSE Nifty in choppy movements, tested the 7,000-mark to touch a high of 7,003.80 points at the outset and finally ended 4.60 points or 0.07 per cent up at 6,980.95. Shares of Tata Motors ended 8.34 per cent higher at Rs 298.650, while Bharti Airtel rose 5.40 per cent to Rs 325.25.

Other gainers that supported the indexes were M&M, Axis Bank, NTPC, Sun Pharma, HUL, HDFC, TCS, ITC Ltd, SBI, Maruti Suzuki, Infosys and Wipro and advanced up to 3.77 per cent. Overall, 15 scrips, out of 30-share Sensex ended higher.

Among the BSE sectoral indices, auto gained the most by rising 1.72 per cent followed by teck 1.02 per cent, FMCG 0.39 per cent and IT 0.25 per cent. Globally, Asian markets led by Japan and Hong Kong ended lower on concerns over global growth already under strain from falling oil prices and slowdown in emerging markets amid investors waiting for China's markets to reopen on Monday after a week-long holiday.