Markets end in red for the 2nd straight week on global worries
Markets ended in red for the second straight week due to all-round selling pressure from operators on global growth worries, lacklustre factory data and tepid domestic earnings.
Mumbai: Markets ended in red for the second straight week due to all-round selling pressure from operators on global growth worries, lacklustre factory data and tepid domestic earnings.
Foreign capital outflows also affected the market sentiment.
The Sensex resumed lower at 25,565.44 and hovered in a wide range of 25,705.96 and 25,057.93 before ending the week at 25,228.50, showing a loss of 378.12 pts or 1.48 per cent.
The Sensex has dropped by 609.64 points or 2.36 per cent in two weeks.
The NSE 50-share Nifty also dropped by 116.35 points or 1.48 per cent to more than three week low at 7,733.45. It has also dropped by 165.85 or 2.10 per cent in two weeks.
Equities started the week on a dull note with the market benchmark Sensex tumbling to a 3-week low as a plunge in Tokyo and disappointing domestic corporate earnings along with a fall in manufacturing sector activity rattled investors.
Investor sentiment was badly hit following heavy losses in Japanese shares, as exporters took a major hit from surging yen after BOJ took investors by surprise by deciding against fresh stimulus.
"Value buying efforts were capped by India's PMI figures released during the week, which showed manufacturing activity slowed sharply in April," Anand James Chief Market Strategist Geojit BNP Paribas Financial Services.
A monthly survey showed that manufacturing output grew at its slowest pace in four months in April as new orders stagnated and input costs rose sharply.