Home Retail Sensex breaches 11,000; Retail stocks under pressure too

    Sensex breaches 11,000; Retail stocks under pressure too


    Yet another black day at Dalal Street. The benchmark index of BSE ended up losing 800.51 points on Friday. The 30-share index closed at 10527.85, below 7.07 per cent. The 50-share Nifty was also not far behind. It was wrapped at 3,279.95, below 233.70 points or 7.13 per cent.

    The end of trading session this Friday also marked the end of business for this week. It turned out to be debilitating week for the Indian market as the global turmoil continued. There was a co-ordinated rate cut by banks across the world to deal with the liquidity issue. US, ECB, BoE, Sweden, Switzerland, Canada and China all cut rates this week. The RBI too announced a cash reserve ratio (CRR) cut of 150 bps wef October 11 to infuse nearly Rs 600 billion liquidity into the Indian market. It was the worst performing week since December 1990 for the Indian market.

    The dismal figures this week are: Sensex was down 15.5 per cent, Nifty down 14 per cent. BSE Midcap index was down 18.5 per cent and BSE Smallcap index down 20 per cent over the week. BSE Metal index and BSE CD index down 20 per cent, BSE Realty index down 25 per cent and BSE IT Index down 17 per cent.

    The retail stocks failed to cheer too. Adlabs Films, with a loss of Rs 34.85 (13.77 per cent), was at the top loser in the segment. The stock closed at 218.25 after witnessing its day’s high at Rs 236.00. Next to follow were , which lost Rs 22.80 (13.19 per cent) to close at 150.05, and PVR, down 6.63 per cent to close at 105.70

    Trent was hit badly too on BSE as it lost 7.09 per cent (Rs 28.25) to end the day at Rs 370.45. also shed 5.20 per cent to close at Rs 124.00.

    Shopper’s Stop also went red to close at Rs 195.00, down 4.88 per cent. The stock had a day’s high and low at Rs 217.95 and 180.00 respectively. Others in the red were and . While the former went down Rs 7 (1.10 per cent) to close at Rs 628, the later lost Rs 11.15 (4.84 per cent) to close at Rs 219.30.

    In the footwear arena, Liberty Shoes closed at Rs 42.40 (below 9.59 per cent). dipped 15.30 per cent to close at Rs 86.10. However, Relaxo Footwears managed to escape heavy losses and ended up losing a mere Rs 0.60 or 1.74 per cent to close at Rs 33.85.