Mumbai: The Bombay stock market continued to fall for the fifth week by slipping 398 points to close below 19,000 level after three months due to sustained selling pressure as the government slapped more taxes on companies as well as super rich and offered very little concessions for large investors in the federal budget.
In the bullion market, both the precious metals, gold and silver remained under selling pressure during the past week on weak global trend while a fag-end buying by retailers at existing attractive levels pulled up the prices to settled with gains.
Traders said the metals, which had been traded lower for most of the week on lack of buying and weak global trend, attracted low level buying at the fag-end and settled higher.
In the national capital, gold of 99.9 and 99.5 per cent purity commenced lower at Rs 29,900 and Rs29,700 per 10gm for want of support. Later, it met with buying and recovered to settle at Rs30,180 and Rs29,980 per 10gm, showing a gain of Rs120 each from previous week's close.
The metal dipped below Rs 30,000 per 10 gm the last week, its lowest level since July 21, last year. Sovereign followed suit and rose by Rs100 to Rs 25,300 per piece of eight gram.
Similarly, silver ready started lower at Rs53,750 per kg, before staging a strong comeback and close at Rs55,250 per kg, showing a marginal rise of Rs50. Silver weekly-based delivery surged by Rs1270 to close at Rs54,925 per kg, after touching a low of Rs53,160 per kg. Silver coins spurted by Rs2,000 to Rs82,000 for buying and Rs83,000 for selling of 100 pieces.
Firm conditions developed on the wholesale grains market during the past week as wheat and other grains prices rose on increased buying by flour mills and stockists. However, rice basmati declined owing to lack of buying support in the market.
Traders said increased buying by flour mills mainly led to rise in wheat prices. Stockists buying against limited arrivals from producing regions helped other grains to trade higher, they said.
In the national capital, wheat dara (for mills) rose by Rs20 to Rs1,600-1,605 per quintal on increased offtake by flour mills. Atta chakki delivery followed suit and traded higher by Rs15 to Rs1,605-1,610 per 90kg. Sooji also moved up by Rs20 to Rs970-1,000 per 50 kilogram.
Other bold grains like, bajra and maize rose to Rs1,420-1,425 and Rs1,490-1,500 against last close of Rs1,390-1,395 per quintal and Rs 1,450-1,480 per quintal, respectively. Jowar yellow and white too ended in positive zone at Rs1,450-1,500 and Rs2,250-2,450 from previous level of Rs1,450-1,475 and Rs2,225-2,425 per quintal respectively.
On the other hand, rice basmati common and Pusa-1121 varieties which remained steady for the major part of week, met with resistance and lost Rs100 each at Rs7,300-7,400 and Rs6,500-7,200 per quintal respectively.
The wholesale oils and oilseeds market ended on a bearish note in the past week as edible oils drifted owing to sluggish demand from vanaspati millers and retailers amid a weak global trend.
Traders said stockists selling amid sluggish demand from vanaspati millers and retailers mainly led to the fall in edible oil prices. Besides, weak global trend on speculation that declining exports may keep inventories near a record high in Malaysia, the largest producer after Indonesia, also influenced the sentiment, they said.