India`s benchmark index, Sensex extended its losses for the week, due to heavy selling by overseas investors and discouraging global markets. The 30-share index fell on concern the soaring inflation may force the central bank to tighten monetary policy, while the soaring oil prices weighing down auto makers. Jaiprakash Associates, Tata Motors, and ICICI Bank led the fall.
The 30-share index lost 234.07 points, or 1.40%, to 16,415.57 in the week ended May 30, whereas the broad based NSE Nifty declined 76.45 points, or 1.54%, to 4,870.10 in the same period.
However, Sensex has shown some signs of recovery on Friday by gaining 99.31 points, or 0.61% to settle at 16,415.57, while the broad-based Nifty 34.80 points, or 0.72% to end at 4,870.10.
Broad-based rally in the market was led by metal, consumer durable, and IT shares.
BSE mid-caps and small-caps declined 2.54% and 4.51% respectively over the week.
The whole price index, inflation climbed to 8.1% for the week ended May 17, as compared with 7.82% in the previous week, fuelled by high prices of all essential commodities.
Tata Motors fell 9.56% over the week after the India`s largest automobile company announced it will raise Rs 72 billion via Rights issues to fund the acquisition of Jaguar.
Leading utility vehicles maker, Mahindra & Mahindra slipped 9.11% during the week after the company posted lower than forecasted fourth quarter earnings which missed analysts estimate.
However, Larsen & Toubro rallied 4.80% after the engineering and construction giant pleased investors by announcing bonus issue of shares, dividend and excellent financial performance, which beaten analysts forecast.
Indian Oil Corporation, the nation`s biggest oil marketing company, posted net loss of Rs 4.14 billion due to soaring crude oil prices and its inability to pass on the same to the end users.
The government is likely to announce the fuel price hike in next couple of days to rescue oil marketing companies.
The 30-share index lost 234.07 points, or 1.40%, to 16,415.57 in the week ended May 30, whereas the broad based NSE Nifty declined 76.45 points, or 1.54%, to 4,870.10 in the same period.
However, Sensex has shown some signs of recovery on Friday by gaining 99.31 points, or 0.61% to settle at 16,415.57, while the broad-based Nifty 34.80 points, or 0.72% to end at 4,870.10.
Broad-based rally in the market was led by metal, consumer durable, and IT shares.
BSE mid-caps and small-caps declined 2.54% and 4.51% respectively over the week.
The whole price index, inflation climbed to 8.1% for the week ended May 17, as compared with 7.82% in the previous week, fuelled by high prices of all essential commodities.
Tata Motors fell 9.56% over the week after the India`s largest automobile company announced it will raise Rs 72 billion via Rights issues to fund the acquisition of Jaguar.
Leading utility vehicles maker, Mahindra & Mahindra slipped 9.11% during the week after the company posted lower than forecasted fourth quarter earnings which missed analysts estimate.
However, Larsen & Toubro rallied 4.80% after the engineering and construction giant pleased investors by announcing bonus issue of shares, dividend and excellent financial performance, which beaten analysts forecast.
Indian Oil Corporation, the nation`s biggest oil marketing company, posted net loss of Rs 4.14 billion due to soaring crude oil prices and its inability to pass on the same to the end users.
The government is likely to announce the fuel price hike in next couple of days to rescue oil marketing companies.
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