By IANS,
Mumbai: Concerns over weak earning results, negative global cues and an uncertain regulatory environment weighed heavy on Indian equities markets as a benchmark index closed lower by 356.26 points for the second straight week ended May 4, 2012.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed lower at 16,831.08 points, down 356.26 points or 2.07 percent, from its previous weekly close at 17,187.34 points.
The 50-scrip S&P CNX Nifty of the National Stock Exchange also closed in the red, down 2.34 percent to settle at 5,086.85, a level not seen in more than three months.
For the week, broader markets also ended in the red with the BSE midcap closing 2.73 percent lower and smallcap was lower by 2.05 percent.
There was heavy selling pressure on banking, consumer goods, metals and auto stocks.
The BSE banking index was down by 475.85 points followed by capital goods index by 488.76 points. The metals index was down by 406.86 points and auto index by 550.57 points.
Banking stocks slumped after the Reserve Bank of India (RBI) announced guidelines for implementation of the Basel III norms.
On the last trading day of the week, the country’s largest lender State Bank of India was down by 4.39 percent at Rs.1,993.60. Private lender HDFC Bank fell by 2.86 percent to Rs.536.75 and ICICI Bank tanked 2.75 percent to Rs.833.95.
Hero MotoCorp’s scrip plunged 4.42 percent at Rs.1,980.85 on negative buyer sentiments. The other major auto company Bajaj Auto was also down 3.76 percent at Rs.1,501.75, Mahindra and Mahindra, down 2.47 percent at Rs.687.85 and Maruti Suzuki, down 0.64 percent at Rs.1,283.15.
Other major Sensex losers included BHEL, down 4.93 percent at Rs.214.10, L&T, down 4.30 percent at Rs.1,147.95, Tata Steel, down 3.29 percent at Rs.433.55, Sterlite Inds, down 3.21 percent at Rs.101.10 and DLF, down 2.99 percent at Rs.181.85.
Only five of the 30 Sensex scrips ended in the positive terrain. These were Cipla, up 2.46 percent at Rs.325.20; Wipro, up 0.63 percent at Rs.414.90, Hindustan Uniliver, up 0.30 percent at Rs.434.90, Sun Pharma, up 0.15 percent at Rs.600.75 and Tata Motors, up 0.02 percent at Rs.301.40.