Weekly roundup: Sensex snaps five-week gaining spree as Fed rate hike looms

On Thursday, Sensex had reclaimed its crucial 29,000 mark, hitting its two-year high of 29133 points

A surprisingly positive gross domestic product (GDP) growth data and globally US President Donald Trump’s non-combative speech to Congress may have taken the market to two-year high on the fourth trading day, the benchmark indices snapped five-week long gaining spree to end in red terrain as investors preferred to book profits ahead of the US Federal Reserve’s policy meeting on March 14-15 and back home state election results due on March 11.

During the week ended March 3, the S&P BSE Sensex fell 0.2% or 60 points to settle at 28832, while the Nifty50 lost 0.5% or 42 points to close