The benchmark Sensex today fell 17 points weighed down by losses in banking shares ahead of GDP data and next month's RBI policy, logging its worst weekly drop since January 31.
Market sentiment has remained weak as overseas investors have remained net sellers for the past few sessions and in absence of any positive trigger, brokers said.
Indices, which started the day on a positive note, turned volatile ahead of the announcement of RBI monetary policy on June 3. There was also caution ahead of first quarter's Gross Domestic Product (GDP) data, brokers added.
"Investors preferred to remain on sidelines ahead of GDP data, scheduled to be released later in the day and RBI policy review next week," said Jayant Manglik, President-retail distribution, Religare Securities.
The BSE 30-share barometer resumed better and gyrated in a range of 24,353.59 and 24,163.62, before settling at a fresh two-week low of 24,217.34 -- a loss of 16.81 points or 0.07 per cent. At the day's high, the index was up over 119 points.
On a weekly basis, the Sensex fell 476.09 points. This was its biggest loss since the week ending January 31, 2014 when it had weakened by 619.71 points.
For the month, the Sensex gained a whopping 1,800 points -- logging its best monthly performance in recent times.
The 50-scrip NSE index Nifty today ended lower by 5.70 points, or 0.08 per cent, at 7,229.95. Intra-day, it moved between 7,118.45 and 7,272.50.
Banking shares like Bank of India, Canara Bank, Bank of Baroda, SBI, PNB, HDFC Bank, Indusind Bank, Axis Bank and Federal bank closed down. Nine out of 12 counters from S&P BSE Bankex finished in the red ahead of RBI policy on June 3.
The Bankex was down by 273.77 points, or 1.59 per cent, and was the second biggest loser among sectors. The Consumer Durables index was top loser with a fall of 1.78 per cent.
Besides, Tata Motors, RIL and TCS also suffered losses. Shares of HUL, M&M, NTPC, Dr Reddy's Lab, Infosys, ONGC, Bharti Airtel, Tata Steel, Cipla, Tata Power and Gail, however, ended higher.
