Sensex reverses 3-week winning run, slides 129 pts
Mumbai: In a volatile trade, the benchmark BSE Sensex snapped its last 3-week gaining streak, ending lower 129 points at 27,828.44 due to selling pressure in view of May futures and options expiry and ahead of RBI’s policy meet next week.
The Nifty, too, fell 25.30 points, or 0.30 per cent, to settle at 8,433.65.
Trading for the week began on a negative note. Telecom, cement and pharma stocks led the rally as key benchmark indices surged on the last trading session of the week.
Veracity Group CEO Pramit Brahmbhatt said, “This week, local equities traded between gains and losses. To start the week, it was in a bearish mode and traded low for the three days.”
Price-sensitive shares turned weak on fears of an earlier-than-expected US rate hike as Federal Reserve Chair Janet Yellen recently indicated that the US central bank may raise interest rates this year if economy improves as expected.
Also, lower-than-expected earnings from some large caps came as a spoiler.
However, the indices recovered almost all the losses at the end the week as blue-chips gained on value-buying and short-covering and closed near their previous close on a slightly weaker note.
Meanwhile, Foreign Portfolio Investors net bought shares worth Rs 2,106.98 crore during the week, according to provisional data.