It was a dismal week for the market, as the index dropped over 1,400 points (9.5%). After the presentation of the Union Budget on Monday, the Sensex crashed over 900 points. The expectations of certain Budget sops were not met and thus led the disheartened investors to lose faith in the markets.
Some of the positive triggers on the markets this week were the IIP data which rose to 2.7% in May on the back of domestic demand. Second largest IT firm Infosys posted their Q1 results on Friday where there was a 17.2% increase in net profit, resulting to fresh buying in frontline tech stocks. And, inflation continued to remian in red for the fourth consecutive week, down at -1.55% for the week ended 27 June even though food items were dearer.
Among the sectoral indices, realty stocks had gained before the presentaion of the Union Budget amid expectations that certain incentives and exemption limit would be extended for affordable housing loans which didn't happen. As a result the index plummeted 17% this week and was one of the prominent losers.
The FMCG index was the lone gainer on Monday when all the other sectoral indices were deep down in red. The index gained around 1% that day compared to its previous week's closing.
Among the BSE 30 stocks, Reliance Infrastructure was the major loser, it nose-dived 20%. Followed by Tata Steel (19.4%), DLF (17.3%), Reliance Communications (17.2%), ICICI Bank (16.6%), Larsen & Toubro (15.4%) and HDFC (15%).
Other heavyweights - Reliance shed 12% and ONGC slumped 13%. Infosys was down 4% this week.
ITC shone this week, was up 10%. Hero Honda (5.7%) and Maruti Suzuki (4.5%) were the other prominent gainers this week.