Sensex fails to maintain 30,000 level on fag-end selling pressure

Mumbai: The S&P BSE benchmark sensex failed to maintain 30,000 level and Nifty also tumbled from all-time high level due to fag-end selling pressure after the news of US striking Syria.

In this week, major indices trimmed their gains due to weak global cues. The Sensex and the Nifty gave up majority of the week?s gains after the news of U.S. Striking Syria came out on Friday. Heavy distribution was observed in the final trading session of the week which shrunk the gains accumulated from the first two sessions.

Mr. Anupam Singhi, COO of William O'Neil India said, Despite the US strike news the Nifty and the Sensex ended the week with increments of 0.27 pct to 9,198.30 and 0.29 pct to 29,706.61 respectively. The sensex crossed 30K level during the week on April 5 after two years.

Market momentum during this week was underpinned by solid performance by the realty and energy shares. Top three sectoral indices in the week were Nifty Realty, Energy and Auto gaining 4.49 pct, 3.49 pct and 1.15 pct, respectively. On the negative end, Nifty IT, FMCG, PSU Bank and Pharma indices recorded losses over one pct, restricting the overall market movement.

On the economic front, Manufacturing PMI for the month of March increased to 52.5 from 50.7 in February. On the other hand Services PMI for March came at 51.5 following its level of 50.3 in February. These economic metrics have shown continuous improvement in the last three months after November's demonetization move.