The Bombay Stock Exchange (BSE) ended lower for the fifth consecutive day on Friday, due to recent sales by foreign funds and fears that transaction costs could rise.
The BSE sensex closed 37.29 points down at 3153.06, below the crucial support level of 3173.30, as measured by the 200-day moving average.
So far, the market has lost around 4 per cent this week, closing at its lowest level since November 22, 2002.
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Offshore funds, which significantly influence trading on the local bourses, have sold shares worth $5.6 million so far in March. The market is fairly confident that they are unlikely to return until the Middle East crisis ends.
Losers outnumbered gainers four to one in light trades of around 5.84 crore shares, as compared with Thursday