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  • Sensex shows weekly loss of 3.22 pc on heavy selling

    Published on January 29, 2011

    All-round selling pressure on fears of further hike in interest rates, slowing corporate earnings and heavy capital outlows by foreign funds pulled down the BSE benchmark Sensex by massive 611.56 points.

    Interest rate sensitive sectors banking, auto and realty stocks declined as investors fretted over the possibility of more interest rate hikes by the Reserve Bank of India (RBI) to tame inflation.

    Volatility was high during the week as traders rolled over positions in the derivatives segment from January 2011 series to February 2011 series.

    The near-month January 2011 contracts expired on Thursday.

    The BSE Small and Mid-cap indices underperformed the Sensex.

    The mood was bearish with the market logging declines in three out of four trading sessions. The market was closed on Wednesday on account of Republic Day.

    Foreign funds have dumped shares worth a net Rs 7,983.20 crore in this month (till 28th January), as per data from the stock exchanges.

    Domestic funds have absorbed a part of the selling from foreign funds, with a inflow of Rs 4,229.02 crore.

    The BSE Sensex tumbled by 611.56 points or 3.22 per cent to end the week at 18,395.97 from its last weekend’s close.

    The 50-unit S&P CNX Nifty fell by 184.35 points or 3.24 per cent to 5,512.15.