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Markets continue to fall on global cues
Markets continued to fall during the week, with the Sensex and Nifty ending
down by 2.8% and 3.0%, respectively. The week was marked by fresh
developments in the 2G spectrum allocation scam, which weighed heavily
on investors' sentiments. On the global front, there were concerns on China
tightening its monetary policy further to curb inflation and resurgent
sovereign-debt crisis, leading to a fall in global indices. BSE mid-cap and
small-cap indices fell even more compared to large-cap indices, with the
BSE mid-cap and small-cap indices falling 4.2% and 6.2%, respectively.
BSE realty index was the biggest loser yet again, down 9.3%, followed by
the BSE oil and gas index, which fell by 4.7%. BSE healthcare sector was
relatively strong this week as well, down only 0.1%.
Realty index down by 9.3%
The realty index fell 9.3%, widely underperforming the Sensex that fell by
2.8% during the turbulent week. The top losers were Unitech (-16.6%),
Mahindra Lifespace (-10.3%), Ansal Props. (-9.6%), Anant Raj Inds. (-8.7%)
and Peninsula (-6.3%). Monetary tightening by China to tackle inflation post
the recent US $600bn stimulus increased fears of slowdown in commodities’
demand and led to a sell-off in equity markets globally. Weak 2QFY2011results
by several realty players dampened hopes of revival in the sector. Unitech
was hit by the 2G spectrum sale scam, which as per CAG unduly favoured
some of the realty majors.
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