1. Markets end in red for the second straight week

Markets end in red for the second straight week

The Sensex fell in three out of five sessions of the week. As trading was largely listless and rangebound throughout the session.

By: | Mumbai | Published: April 23, 2017 5:14 AM
The Sensex fell in three out of five sessions of the week. As trading was largely listless and rangebound throughout the session. (Reuters)

Stocks: Markets ended in red for the second straight week due to weakness due to persistent selling pressure in view of disappointing earnings results from companies amidst weakness in the global market, as investors maintained caution ahead of elections in France over the weekend and as geopolitical tensions notably those between the US and North Korea weighed on sentiment. The Sensex fell in three out of five sessions of the week. As trading was largely listless and rangebound throughout the session. The sensex dropped by 96.15 points or 0.33 per cent to close at 29,365.30 and the NSE 50-share Nifty fell by 31.40 points or 0.34 per cent to end at 9,119.40. The sensex has dropped by 341.31 points and NSE Nifty by 78.90 points in two weeks.

Mr. Anupam Singhi, COO of William O’Neil India said, Benchmark indices continued to track weakness from global uncertainties and disappointing earnings results in this week. The indices extended their losses from last week, further widening the gap from their highs. By the end of this week, the Nifty Midcap and Smallcap indices advanced 1.42 pct and 3.11 pct, respectively. In economic news, Wholesale Price Index inflation for the month of March, 2017 declined to 5.70 pct against 6.55 pct in February, 2017. The fall was mainly due to a decrease in mineral and fuel prices.

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Recapping trading activity on the bourses through the week, key indices piled up significant losses over last week’s decline in the first two trading sessions of the week. Negative global cues and anticipation of earnings updates kept the investors on sidelines. On Monday, Indiabulls Real Estate was in spotlight after its management announced a business restructuring plan through a demerger of its segments. On Tuesday, negative breadth prevailed in the market.

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