Indian stocks broadened its losses during the week ended August 22, owing to reappearing US mortgage crisis, exerting pressure on international markets for the week under review.

Global developments, including increase in crude oil prices, high inflationary numbers and sustained capital outflows from the Indian equity also contributed to the downbeat responses, turning the BSE Sensex under the psychological 15K-mark.

FIIs remained net sellers during the week, mainly after SEBI’s conclusion of not altering the restrictions placed on Participatory Notes during its meeting in the last week.

The sectoral picture shows that major losers in the week were Realty (4.23%) and Bankex (3.58%) followed by IT (1.53%), Capital goods (1.75%) and Power (1.91%).

The Sensex ended the week at 14,401.49, down 322.69 points as against the last week’s closure.

Similarly, the 50-share index, NSE Nifty dropped 103.25 points to close at 4,327.45 from last week’s closing.

The major losers during the week were ACC, which declined 8.36%, SBI dropped 7.68%, Satyam lost 6.19%, Grasim fell 6.19% and NTPC lost 6.11%.

Most active counters on the bourses were Ranbaxy, which profited 4.61%, HUL gained 2.49%, HDFC Bank surged 1.66%, Tata Power climbed 1.53% and Sterlite Industries zoomed 1.06%.

For the week ended Aug. 9, 2008, the wholesale price index Inflation surged 1.52%, touching a new record high, at 12.63%, due to high prices of essential commodities. The annual rate of inflation stood at 4.24% as on Aug. 11, 2007 i.e. a year ago.

During the week, BSE Midcap and Smallcap index shed 1.65% & 2.59% respectively.

P. K. Agarwal, president- research, Bonanza Portfolio said, “Traders should carry on existing positions with strict stop-losses. Fresh positions could be initiated after the August series settles next week.”

Mr. Agarwal added, “Nifty is likely to find support around 4,295 and may face resistance at 4,375.”