Sensex tumbles by 253 points

The BSE Mid-cap index outperformed the Sensex, falling 1.34 per cent, and the BSE Small-cap index underperformed the Sensex, falling 1.96 per cent. The economic growth rate slowed to a nine-year low, both in the March quarter at 5.3 per cent as well as in 2011-12 at 6.5 per cent. The market declined even as Finance Minister Pranab Mukherjee said the government will take necessary steps to improve growth. The Finance Ministry also announced a slew of austerity measures to cut the government expenditure.

Asian markets were influenced by lesser-than-expected growth in the China`s manufacturing, while troubles in Spain and Ireland affected the sentiment in Europe. The BSE benchmark Sensex resumed higher at 16,289.82 and hovered in a range of 16,544.38 and 15,933.48 before ending the week at 15,965.16, showing a net loss of 252.66 points, or 1.56 per cent.

The NSE 50-share Nifty also dropped by 78.80 points, or 1.60 per cent, to finish at 4,841.60. Trading was volatile throughout the week as the May 2012 derivatives contracts expired on Thursday. Out of the 30-share Sensex family, 18 stocks finished in red while others ended in green.

Major losers were Tata Motors (16.65 per cent), Jindal Steel (6.00 per cent), Sterlite Ind (5.78 per cent), Larsen (4.37 per cent), ONGC (4.20 per cent), ICICI Bank (4.19 per cent), Maruti Suzuki (3.86 per cent), Tata Power (3.70 per cent), DLF (3.21 per cent) and Tata Steel (2.51 per cent).

However, Hindalco Ind firmed up by 4.11 per cent followed by Tata Power (3.70 per cent), Coal India (2.57 per cent) and NTPC (2.22 per cent). Among the major indices the BSE-Auto dropped by 6.05 per cent followed by the BSE-Capital Goods 3.49 per cent, the BSE-Consumer Durable 2.30 per cent, the BSE-Oil & Gas 1.98 per cent, the Bankex 1.97 per cent, the BSE-Metal 1.52 per cent, the BSE-Healthcare 1.25 per cent and the BSE-Realty 1.24 per cent.