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Mar 22, 2013, 04.38 PM IST
Key indices fell sixth day in a row Friday, shedding roughly 4 percent on a week-on-week. The mood in global markets has become edgy after the developments in Cyprus earlier this week, and back home foreign fund flows have slowed down considerably this month.
With today’s losses, the Sensex has shed 835 points in the last six sessions, and the Nifty, 258 points. The near 4 percent weekly decline is the worst in about 15 months.
Brokers expect more volatility next week, with the market open for just three trading sessions and the F&O expiry due on Thursday.
Realty and state-owned banks have been the worst performers in a week in which midcap and small cap shares took a renewed pounding.
Among frontline shares, Reliance Infra, DLF, Tata Steel, BHEL, PNB, ACC, SBI and BPCL fell 8-18 percent.
But the real carnage was in the midcap space, with shares like Manappuram Finance, HDIL, MMTC, IVRCL, Sintex, Orchid Chemicals, Delta Corp, Pantaloon and Educomp tanking 18-32 percent.
Brokers say slowing FII flows has been a key reason for the slide. In December, January and February, FIIs net purchased an average of Rs 22,000 crore worth of shares every month. In March so far, net FII purchases in equities has been less than Rs 8500 crore.
The RBI cut the benchmark repo rate by 25 basis points earlier this week, but made it clear that it had limited room for further interest rate cuts. Most analysts and economists do not expect banks to cut interest rates unless consumer price inflation shows signs of easing.
At 13.50 PM, the Sensex was down 100 points at 18677 and the Nifty fell 23 points to 5635. About 782 shares advanced, 1885 shares declined and 855 shares remained unchanged.
Frontline shares are flat with the Nifty trading close to 5650 levels. The Sensex was down 50.28 points at 18742.59 and the Nifty fell 4.80 points to 5653.95.
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