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Blues on The Street

A Correction was anticipated. But the speed at which it happened did fray many nerves. This week will be remembered for the market's continuous decline and the Reliance Power IPO

This week saw the bears come out in full force. Bad news from the global markets also sent the bulls scurrying.

It began on Monday when the markets ended a choppy session on a flat note. The government allotted more airwaves to rival Reliance Communications. The result: Bharti Airtel fell for the fourth day in a row. Naturally, RCom rose.

On Tuesday and Wednesday, the market did not slip. It crashed. ICICI Bank and Reliance Industries led the decline. Bharti Airtel continued its decline. RCom fell on Wednesday. FIIs sold heavily on Wednesday. In fact, Wednesday was the day of massive losses but significant recovery towards the end. However, the bears prevailed.

On Thursday, it was banking shares and RIL that led the decline. It was the first day of the week when mutual fund turned into net buyers.

On Friday, the Sensex opened lower, recovered partially only to crash later. The BSE Oil & Gas index fell by maximum followed by BSE Realty. The BSE Bankex, BSE PSU and BSE Power too fell.

When comparing this week's close (Sensex stocks) with last week's close, all stocks ended in negative territory. The biggest loser was DLF (-15.91%). The one that lost the least was Cipla (-0.86%). Technology shares were hammered this week. BSE IT and BSE Teck declined continuously. BSE Bankex, BSE Oil & Gas, and BSE Healthcare gave them company.

The persistent global weakness and liquidity crunch on account of mega IPOs could keep the sentiment weak.

Vital Stats: January 14 - January 18, 2008
  Sensex  Nifty  BSE Mid Cap  CNX Midcap
Mon 20728.05 6206.80 9536.90 9047.65
Tue 20251.09 6074.25 9431.89 8973.00
Wed 19868.11 5935.75 9267.20 8826.75
Thu 19700.82 5913.20 9340.01 8832.85
Fri 19013.70 5705.30 8893.71 8368.05
Net Buying (Equity)
  FII  MF    
Mon 174.3 -551.4  
Tue 225.8 -519.4  
Wed -2279.6 -59.6  
Thu -2186 361.2  
Figures in Rs/crore
  BSE Turnover  BSE Shares  NSE Turnover  NSE Shares
Mon 7246.45 3970 17788.32 5856
Tue 8171.00 4276 8170.68 4276
Wed 7900.39 3811 21423.72 6224
Thu 8471.87 5940 20509.96 6637
Fri 8801.38 4529 19884.43 5942
Number of shares in lakh. Turnover in Rs/crore.