Buyers were thin on the ground as the market adjusted for the new regime starting July. Profit-taking was seen in both old and new economy stocks and traders started cutting outstanding positions thereby leading to low demand.
The Sensex ended the week at 3372.94, which was a loss of 3.51 per cent. The Nifty showed a similar pattern, losing 3.45 to close at 1087.75 points. The rupee eased against the dollar with the Dollex losing 3.19 per cent while the BSE200 lost 3.10 per cent.
Breadth was very poor with Declines far outnumbering advances by ratios of around 3 Declines: 1 Advance.Volumes were consistently low. The broad-based BSE500 lost 3.04 per cent.
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The ICE sector was the worst-hit with the BSE IT Index losing 9.67 per cent. By and large Indian FIs remained sellers and FIIs cut back on their support.
By weekend, net outstanding volumes were down to below Rs 1,000 crore and this is much less than a single day