Indian stocks logged a third consecutive weekly fall, as the minutes from the US Federal Reserve's last meeting signalling US stimulus may be reduced in coming months.
Zee Media Bureau
New Delhi: Indian stocks logged a third consecutive weekly fall, as the minutes from the US Federal Reserve's last meeting signalling US stimulus may be reduced in coming months.
Key benchmark indices dropped in three out of five trading sessions in the week ended Friday, 22 November 2013.
The S&P BSE Sensex and the 50-unit CNX Nifty, both, reached their lowest closing level on over a week. The CNX Nifty fell below the psychological 6,000 mark.
The S&P BSE Sensex lost 182.03 points or 0.89 percent to 20,217.39. The CNX Nifty dropped 60.70 points or 1 percent to 5,995.45.
The BSE Mid-Cap index rose 0.21 percent. The BSE Small-Cap index gained 0.63 percent. Both the indices outperformed the Sensex.
The benchmark BSE index closed down 0.06 percent, or 11.66 points, at 20,217.39 points, falling 0.66 percent for the week.
Foreign flows would be key for Indian shares after foreign institutional investors (FIIs) sold shares worth of 598 million rupees (USD 9.5 million) on Thursday to snap a 32-day buying streak that had totalled 238.84 billion rupees.
Economic data will be also key, with July-September GDP data and fiscal deficit data for April-October on watch.
The health of India's economy will come into shape with July-September GDP data, while fiscal deficit should give further clues about the country's finances ahead of general elections next year.
Traders also expect shares will turn volatile ahead of the expiry of November derivatives contracts on Nov. 28.
Nestle India, Tech Mahindra Ltd and Yes Bank Ltd are due to be included in the MSCI India index after Tuesday's close.