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Markets had a rather depressing run in the past week with benchmark indices tumbling headlong at the start of the week. Precipitating the decline was an unexpectedly large rate increase by the central bank and continued wrangling over the US debt ceiling. The BSE Sensex and NSE Nifty tanked 2.8 per cent each. Broader markets too moved in line, with the CNX 500 down 2.6 per cent. The BSE Midcap and Smallcap indices, however, managed to contain slides to 2 per cent each.

The Reserve Bank of India increased repo rates by half a percentage point (50 basis points), which led to a hammering of rate-sensitive sectors. The BSE Realty index tumbled 7 per cent, with index components Unitech and Indiabulls Real Estate losing heavily, down 13 per cent each.

The BSE Bankex was down almost 4 per cent, with the stock of Bank of India down 7 per cent, while the stocks of State Bank of India and Union Bank lost about 6 per cent each.

Other BSE indices to lose heavily included Metals, Capital Goods and Oil & Gas, down about 5 per cent each. The BSE Auto and Healthcare indices were among the better performers with the former losing just about 1 per cent and the latter ending the week on a flat note.

The stock of UTV Software emerged a major gainer, ending the week up 10 per cent. UTV announced that a promoter, The Walt Disney Company, was proposing to buy out public shareholders' stake, and the stock would subsequently delist.

With results season in full swing, a good set of June '11 numbers propped up quite a few stocks. The stock of Idea Cellular was up 11 per cent, Bata India and Glenmark Pharmaceuticals closed with a 5 per cent gain each and Maruti Suzuki gained 4 per cent.

Poor results, on the other hand, resulted in a few stocks taking a severe beating. The stock of SKS Microfinance suffered a steep decline of 23 per cent on a fall in income and slipping into losses.

The stock of Shoppers Stop slumped 15 per cent after it reported a consolidated net loss. The stock of Canara Bank lost 12 per cent. Jindal Steel and Power fell 6 per cent on poor results coupled with bribery allegations.

A ratings downgrade by Bank of America Merrill Lynch triggered the fall in the stocks of airline players Spice Jet and Jet Airways, which shed 13 per cent and 11 per cent each over the week.

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