Stocks: Markets ended red due to fresh selling pressure from operators as the S&P BSE benchmark sensex dropped by 228 points to end the week at 29,421.40 and and the NSE 50-share Nifty by 52 points to close at 9,108.
After an exciting past week, the markets posted losses this week on the closing basis. Key indices halted their rally and corrected for first three trading sessions of the week on account of weak global market cues, Mr. Anupam Singhi, COO of William O'Neil India said.
However, they staged solid comeback in the later two sessions to narrow the losses. Having ticked an all time high of 9,218.40 last week, the Nifty corrected by 0.57 pct this week. It however traded above the key level of 9100 to end the week at 9108.
The index is currently trading 1.2 pct below its all time high. The week's range was observed at 9,167.60-9,019.30.
Registering a handsome gain of 2.43 pct last week, the Sensex slowed down to mark a loss of 0.77 pct this week. The index traded in the wide range of 29,699.48-29,137.48.
In line with the Sensex and the Nifty, most of the sectors declined during the week. The Nifty Auto, IT and Pharma indices gave up over one pct each, to top the list of biggest losers. The Nifty Realty index was the clear winner advancing 2.5 pct in this week. Similarly, Nifty Media and PSU Bank are the only other indices that managed to end the week in gains.
Giving a brief picture on this week's market action,
benchmark indices on Monday witnessed selling pressure due to profit booking. Post strong gains in the previous week, profit booking was evident which resulted in a distribution day on both the key indices.
The day also saw the official announcement Idea Cellular and Vodafone India merger, putting an end to months of speculation.
The following day markets extended losses as investor activity remained subdued due to lack of global and domestic cues.
However, on Tuesday markets saw strong price action on certain stocks. Pharma companies Divi's Laboratories and Dr Reddy's Laboratories slumped to their lows as they faced US Food and Drug Administration clearance related issues.
On the flipside, D-Mart chain manager, Avenue Supermarts debuted at the bourses with a gain of over 100 pct, that was the top talk among investors.
Wednesday was one of the worst trading sessions for markets so far in this year, as key indices declined by about one pct based on negative global cues. News of North Korea failing a missile test and investor's concerns on US President Donald Trump executing his pro-growth reforms, dragged global stock markets.
However, markets resumed its rally in the last two trading sessions of the week paring considerable losses from the earlier sessions. The rebound of markets reflects on the strength of the current market rally.
Markets in the coming week may see effects of the vote on Trump's health-care bill that was delayed from Thursday to Friday.
