Goldman Sachs, NIFTY closed at 4868, losing 4.3% wow, amid global recessionary concerns

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NIFTY closed at 4868, losing 4.3% wow, amid global recessionary concerns
 All sectors ended in the red territory this week with CNX Infra and CNX Energy losing 5% and 4.7% respectively wow.
 Ytd foreign inflows of US$0.5bn and domestic inflows of US$4.8bn as of close of Sep 21, 2011.
 Commodities lost 3.7% led by Energy (-8.4%) wow. Natural Gas (-7.5% wow) was the major underperformer.
 Indian Rupee depreciated around 4.3% during the week, touching a 52- week low on Thursday.
Overview
Nifty and Sensex fell around 4% on Thursday, a
day after FOMC noted significant downside risks
to the US economy.  The decline spanned across
all sectors, with CNX infra losing 5% wow.
Defensive sectors again outperformed the MSCI
India Index. The Indian Rupee also recorded a
significant drop: it depreciated by 4.3% during the
week and touched 52 week low on Thursday.
Commodities dropped 8.4% wow with Natural
Gas underperforming the most (-7.5% wow).
NIFTY price performance
NIFTY lost 4.3% wow, down 20.6.1% ytd
Source: NSE, DataStream, GS Global ECS Research.
Foreign and domestic flows
Foreign investors bought US$ 266mn wtd while
DIIs sold US$ 68mn wtd (as of Sep 21, 2011). Now
FII Net Buy stands at US$ 0.5bn ytd while DIIs are
Net Buyers of US$ 4.8bn ytd.
Earnings sentiment
MSCI India Utilities saw the weakest EPS
sentiment (-5.4%) wow. MSCI India is trading at
12.5x times 12m forward earnings at premium of
30% to MXAPJ.
Commodities
Energy (-8.4%) led by Natural Gas (-7.5%)
underperformed. Gold ended flat (+0.4%). Guar
Seed gained the most (+3.3 %) wow.
Focus
 FII Ownership