Weekly review: Global cues pull down markets

Indian markets dropped in sync with the global markets amid worries of China tightening its monetary policy.

This was an extremely dismal week for the broader markets, the Sensex slipped 695 points or 4% to 16,859, mainly on account of weak global cues and mixed corporate earnings.

Among the Sensex-30 pack, Larsen & Toubro slumped 11% to Rs 1,651. The company reported its first sales decline in seven years. The net profit even halved to Rs 759 crore in the three months ended December 31, 2009. Jaiprakash Associates tumbled 10.5% to Rs 164.

DLF, Grasim Industries, Tata Power and ONGC crashed over 8% each.

The other prominent draggers on the Sensex were Sun Pharma, ACC and Sterlite Industries were down 6-7% each.

Reliance dropped 5% to Rs 1,124. The company registered a net rise of 15.8% to Rs 4,008 crore.

Reliance Communications, HDFC, TCS, Infosys, Tata Steel, SBI, Tata Motors and Mahindra & Mahindra were down 2-5% each.

On the gainers side there was only Hero Honda who added 3% to Rs 1,665 and Maruti Suzuki was up around 2% at Rs 1,439, respectively. The other marginal gainers were Bharti Airtel, Hindustan Unilever and BHEL.