Stock market falls for 2nd week in a row on profit-booking
Mumbai: Stock market fell for the second consecutive week in a volatile trade due to profit booking in frontline stocks and the BSE Sensex dropped to one-and-a-half month lows and Nifty slumped below 8,600-level.
The week’s trade witnessed extreme volatility to range-bound momentum, was primarily overlapped by key macro- event of the two-day US Federal Open Market Committee meet amid speculation of early rate hike triggered concerns across emerging markets of globe, even as the dip in domestic Wholesale Price Index (WPI) inflation sidelined.
The market rallied on the tepid economic data in the US indicated no early rate hike as well as dovish stance of the Federal Reserve. But gains shortlived as Fed chief Janat Yellens balanced statement hinting a mid-year rate hike.
Consolidative profit-booking was witnessed in heavy weights of realty, FMCG, Capital Goods, Auto, PSUs, Metals, Banks, Oil&Gas and Tecks sectors, followed by shares from MidCap and SmallCap companies.
The benchmark S&P BSE Sensex resumed modestly higher at 28,546.31 and moved between 28,978.74 and 28,209.66 before ending the week at 28,261.08, showing a fall of 242.22 points or 0.85 per cent.
The Sensex tumbled by 1,187.87 points or 4.03 per cent in the two weeks.
The 50-issue Nifty also traded between a high of 8,788.20 and low of 8,553.00 before closing the week at 8,570.90, revealing a fall of 76.85 points or 0.89 per cent.