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Market fall 204 points for the week on global uncertainty
The market snapped three straight week gains, falling 203.56 points, but managed to hold the key 27K level at 27,034.50, while the broader Nifty fell below the psychological 8,400-level.
The market snapped three straight week gains, falling 203.56 points, but managed to hold the key 27K level at 27,034.50, while the broader Nifty fell below the psychological 8,400-level.
The market saw the past three weeks narrow- consolidative momentum breaking-down on Friday with sharp fall on caution ahead of US President elect Donald Trump's inauguration.
FIIs turnaround as net-buyers after concerns were much abated following government suspension of triple taxations circular, while GST Council break-through and consensus on its roll-out from July 1, was hindered by IMFs sharply lowing India's growth forecast, also negative third quarter results led by financials annoyed investors.
While, global concern over Donald Trump accession as US President office built up uncertainties over his priorities and policies also lent credence to the domestic market bearishness.
The Sensex dropped 203.56 points or 0.75 per cent to settle at 27,034.50. It hovered between 27,422.67 and 27,009.81 during the week. The NSE Nifty 50 index also fell by 51points or 0.61 per cent to settle at 8,349.35. it moved in a range of 8,460.30 and 8,340.95. The sensex has gained 1,197.36 points on 4.60 per cent in previous three weeks. The CNX NSE Nifty also garnered 414.60 points or 5.19 per cent in last three weeks.
The selling was led by Oil and Gas, HealthCare, IT, Teck, PSUs, Metals, Capital Goods, Banks, Power, Auto, Realty sectors, while FMCG, IPOs and Consumer Durables witnessed buying interest. Shares of midcap and small-cap were mixed with midcap index settling lower and smallcap gaining for the week.
