Free Press Journal

Market indices hit 5-week lows


Mumbai : The key Indian equity indices — the Sensex and the Nifty50 — dived into the bearish zone and settled at their five-week lows, as global cues, a bulk of quarterly earnings and substantial amount of foreign fund outflows urged investors to book profits.

On a weekly basis, the 30-scrip Sensitive Index (Sensex) of the BSE lost 1,111.82 points or 3.44 per cent to close below the 32,000-mark at 31,213.59 points. The Sensex breached that level for the first time on July 13.

Meanwhile, the Nifty50

of the National Stock Exchange (NSE) closed at 9,710.80 points by shedding 355 points or 3.53 per cent. At one point on Friday, the Nifty50 fell below the psychologically important 9,700-mark, which was crossed for the first time on June 6.

“Markets corrected sharply this week after five weeks of consecutive gains. The Nifty began correcting after touching a high of 10,088 on Monday Aug 7, 2017,” Deepak Jasani, Head – Retail Research, HDFC Securities, said. “Sector wise, there were no gainers for the week. The top losers were the realty, PSU banks, pharma and media indices.”On the currency front, the Indian rupee weakened by 55 paise to close the week at 64.13-14 to a US dollar from its previous week’s close at 63.58-59.

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