'We can no longer say that our economy is de-coupled from the rest of the global economy. We have been savouring the fruits of globalization. Now it's time to bear the brunt of it,' said Jagannadham Thunuguntla, director of SMC Group, India's fourth largest share brokerage firm.

1. Volatile trade keeps markets on a see-saw
1/17/2009 1:38:00 PM
Mumbai, Jan 17 (IANS) It was a see-saw week at the Indian equities markets, which kept
investors guessing as to how to cope with such volatile conditions. A key index closed 0.88
percent down Friday, a little below its close of the previous week.
Analysts believe that a crisis of confidence, more than finances, is making Indian equities act in
such haphazard manner, tumbling one day and rising the next.
'We can no longer say that our economy is de-coupled from the rest of the global economy. We
have been savouring the fruits of globalization. Now it's time to bear the brunt of it,' said
Jagannadham Thunuguntla, director of SMC Group, India's fourth largest share brokerage
firm.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended Friday at 9,323.59
points, 3.06 percent or 276.85 points more than its previous close but a little less (0.88 percent)
than its previous weekly close. Similarly, the broader S&P CNX Nifty index of the National
Stock Exchange (NSE) was at 2,828.6 points, 3.36 percent above Thursday's close.
Markets began the week on a dismal note, with the Sensex plunging 3.18 percent or 299.16
points to close at 9,107.31 points Monday. The broader S&P CNX Nifty index of the National
Stock Exchange (NSE) performed similarly and closed at 2,799.90 points, 2.54 percent lower.
Tuesday was a lacklustre day with trading remaining very tightly bound and the Sensex ending
trade lower 0.42 percent or 38 points down at 9,071.36 points. The NSE Nifty also slipped into
the red to end trade at 2,744.95 points or 1.02 percent lower. However, the markets bounced
back Wednesday with investors deciding to take profits by short-covering their positions and the
Sensex shutting shop 3.3 percent up at 9,370.49 points.
The Nifty also followed with and ended trade at 2,835.3 points, higher by 90.35 points or 3.29
percent. Thursday saw the gains of previous day being wiped out at both key exchanges with the
Sensex plummeting south and closing at 9,046.74 points, 3.45 percent below its previous close.
The NSE Nifty was at 2,736.7 points, 3.48 percent lower than its previous close. The week ended
with the Sensex again soaring to end a little below where it began this week. The Sensex was at
9,323.59 points up 3.06 percent Friday, while the Nifty closed at 2,828.6 points, 3.36 percent
above its previous close.
Foreign institutional investors (FIIs) made net sales of $386.10 million during the week.