Weekly review: Market falls 245 points, geopolitical tensions weigh

Snapping the previous two weekly gains, the benchmark Sensex fell 245.16 points to 29,461.45, while the broader Nifty cracked the key 9,200-level to finish at 9,150.80.

PTI| Last Updated: Apr 15, 2017, 13:19 PM IST
Weekly review: Market falls 245 points, geopolitical tensions weigh

Mumbai: Snapping the previous two weekly gains, the benchmark Sensex fell 245.16 points to 29,461.45, while the broader Nifty cracked the key 9,200-level to finish at 9,150.80.

The truncated trading week saw the market nipped by fuelling geo-political crises following last week US cruise missile attack on Syria, while volatility prepossessed the investor sentiment owing to the start of fourth quarterly earning results and slew of key macro-data's releases.

The initial consolidative momentum made way for correction with market seeing three losses out of four trading sessions, as the dissappointment perturbed the sentiment following the release of lower Industrial output, surge in CPI inflation as well as weak start in key earning results.

Rising tension in the Middle East and the Korean peninsula following last week's US strike against Syria and sabre-rattling by the US and North Korea took toll to the global stocks, pushing investors to safer assets like gold, treasuries and the yen.

On the domestic front, the industrial output slipped to a 4-month low by contracting 1.2 percent in February and fuel prices drove retail inflation to a five-month high of 3.81 percent in March.

Finally, a dismal start in earning results, with IT index getting hammered after Infosys weak revenue outlook and plan to return cash to shareholders fell short of market expections.

During the week, the key indices opened higher at 29,752.62, hovered between 29,838.82 and 29,442.26, before settling at 29,461.45, Showing loss of 245.16 points, or 0.83 percent.

The sensex had gained 285.21 points or 0.97 percent on previous two weeks.

While Nifty lost 47.50 points, or 0.52 percent to quote below the key 9,200-level at 9,150.60.

Selling was led by IT, Metal, Teck, Auto, Consumer Durables and Power sectors. While buying witnessed in IPOs, Realty, PSUs, HealthCare, Oil&Gas, FMCG, Banks and Capital Goods.

The broader midcap and smallcap companies shares also found good buying interest.