Sensex ends 802 points down on geo-political worries
Mumbai: Extending losses for third straight week, the benchmark BSE Sensex plunged by 802 points to end at ten-week low of 27,458.64 on across-the-board selling, prompted by geo-political worries, and expiry of derivatives contract on March 26.
The NSE Nifty also tumbled by 230 points to end the week at ten-week low of 8,341.40.
Starting the week on a sluggish note, markets remained subdued on global weakness ahead of a key meeting between heads of Greece and Germany and caution ahead of expiry of monthly derivative contracts.
On Tuesday, markets tried to rally on sustained capital inflows amid Asian Development Bank (ADB) painting a positiveoutlook of India’s economic growth.
However, it succumbed to a flurry of selling in the last one hour and closed in negative terrain.
Weak US durable goods data also weighed negatively on market sentiment, following concerns about the pace ofeconomic recovery in the world’s biggest economy.
On Thursday, Saudi Arabia, along with its allies, carried out air strikes against Huthi rebels in Yemen, sparking off awave of risk aversion in global financial markets, traders said. The Sensex crashed by 654.25 points, or 2.33 per cent,on that day, its biggest single day fall since January 6,2015.
The benchmark S&P BSE 30-share barometer initiallytouched a high of 28,455.32, but nervous selling by operatorsand retail investors throughout the week on lack of any majortrigger from overseas markets amid Middle-East worries pulledit down to a low of 27,248.45 before concluding the week at27,458.64, showing a steep fall of 802.44 points, or 2.84 percent.
In straight three weeks, it has crashed by 1,990.31points, or 6.76 per cent.