Indian shares ended in the green in three of five trading sessions but jittery market reaction to the U.S. Federal Reserve’s announcement of a gradual end to its $85 billion bond-buying stimulus took the BSE Sensex down 2.1 percent for the week. The broader 50-share Nifty lost 2.4 percent.
The U.S. central bank’s monetary programme has been a source of easy money for emerging markets such as India that used FII inflows to finance its current account deficit. The possibility of a liquidity drought and a consequent selloff by foreign investors spooked the markets with the rupee plummeting to a record low of 59.98 against the dollar on Thursday.
China factory activity, which shrunk to a nine-month low, also alarmed Asian markets this week.
Here’s a look at the top five Sensex losers of the week.
JINDAL STEEL AND POWER (JSPL): Shares in JSPL ended 15.7 percent down this week, making it the worst Sensex performer. With Friday’s close of 204.25 rupees, the stock has lost 57.4 percent from its 52-week high of 480 rupees hit on July 5, 2012. According to Thomson Reuters data, 17 of the 28 analysts covering the stock have a buy or equivalent rating, while four have a sell rating.
HINDALCO: Next among the losers was copper producer Hindalco that fell 9.7 percent in the week ending June 21. The stock, which ended in negative territory in four of the last five sessions, has lost 28.3 percent so far this year.