Sensex flat; gas price, monsoon, Iraq crisis dent market

Tags: Stock Market
The benchmark S&P BSE Sensex failed to maintain its initial gains and ended largely flat this week as the market reacted sharply to Centre's move to defer decision on natural gas price for three months amid concerns over weak monsoon.

The 30-share index fell for the third consecutive week, slipping six points over last Friday to end at 25,099.92 on selling pressure.

The market traded in a range ahead of the Budget next month amid mounting concerns about below normal monsoon, which is critical for agriculture, equity dealers said.

"Geo-political issues (mainly related to conflict in oil-rich Iraq) also kept the sentiments weak," said Dipen Shah, Head of Private Client Group Research, Kotak Securities.

These issues kept the rupee under pressure over the past few sessions, he added.

The Sensex resumed slightly higher at 25,108.09 and firmed up further to 25,427.80 on short-covering in view of expiry of June contracts coupled with fall in global crude oil prices. Firm Asian cues due to rise in Chinese manufacturing June for the first time this year also boosted the market.

However, the BSE barometer declined afterwards to 24,878.66 before ending the week at 25,099.92 on tail-end selling.

The Sensex has dropped by 296.54 points, or 1.17 per cent, in the last three weeks.

The CNX 50-share Nifty of the National Stock Exchange also moved down by 2.65 points, or 0.04 per cent, to end the week at 7,508.80.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • India’s festivals teach us to share our wealth and joy

    India is an aporia in its own true sense.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Tushar Gandhi

Sustainable model for rural sanitation

Prime minister Narendra Modi has promised to build a toilet ...

Zehra Naqvi

How smells evoke strong memories

Remember that time when a passing fragrance transported you to ...

Dharmendra Khandal

Indian zoos need a fresh approach

Recently, when a man jumped in a tiger trench of ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture