Market log first weekly fall in four, drop over 200 points

Market snapped its third consecutive weekly gains in a row, dropping 204.71 points to 31,687.52, while the broader Nifty lost 39.60 points to close below 9,934.80.

PTI| Last Updated: Sep 09, 2017, 12:54 PM IST
Market log first weekly fall in four, drop over 200 points

Mumbai: Market snapped its third consecutive weekly gains in a row, dropping 204.71 points to 31,687.52, while the broader Nifty lost 39.60 points to close below 9,934.80.

The week saw the perennial geopolitical tension continue to dominate the sentiment with North Korea's latest testing of hyderogen bomb despite repeated US warnings sparked once again global risk aversion.

Investors nervousness can be seen on indifference to market by contemplating profit-booking on every rise, as they turned to safe haven assets such as gold, silver and Treasury futures.

Global weakness also evident from continued offloading of Indian shares from FIIs, the market gains were largely played by domestic liquidity cycle including buying by equity mutual funds along with particular stock specific action.

Also, persistent North Korean impasse underpinned the sentiment by the fact that the country may test a missile this weekend to coincide with its founding day on 9th September.

The Sensex opened higher at 31,932.20, and hovered between 31,932.20 and a low of 31,560.32 before finishing at 31,687.52, showing a loss of 204.71 points or 0.64 percent.

It had gained 678.64 points in previous three weeks session.

The NSE 50-share Nifty started the week at above the 9,950 mark and traded in the range of 9,988.40 and 8,845.85 The index closed for the week below the key 9,950-level at 9,934.80, down 39.60 points or 0.40 percent.

The selling was led by HealthCare, Teck, IT, FMCG, Power, Oil&Gas, PSUs, Realty, Bank, Auto, while buying was led by Metal, Consumer Durables, Capital Goods and IPOs, also broader midcap and smallcap companies ended the week with some gains.