Market review: Sensex fails to maintain mid-week gains, loses 75 points
Stocks: The BSE benchmark Sensex failed to hold on to mid- week gains and ended the week lower by 75 points at 19,242.00 due to tail-end selling from operators triggered by worries over the US budget issue.
With this the 30-share index extended its losses for the second straight week.
Investor sentiment took a further hit after CBI on Friday filed a chargesheet in connection with alleged irregularities in spectrum allocation during the BJP-led NDA
Government. The Central agency named three telecom players, including Bharti Airtel, as accused in the chargesheet.
A steep fall in overseas stock markets on worries over US budget deficit issue pulled down domestic shares.
"Global cues were not supportive as US fiscal cliff issues continued to overshadow other economic news," Amar Ambani, Head of Research at IIFL, said.
Trading sentiment was also dampened after Government lowered the growth projection for the current financial year to 5.7-5.9 per cent from 7.6 per cent estimated earlier.
The BSE benchmark resumed lower at 19,290.92, but recovered afterwards to hit a high of 19,520.51 on expectation of easing of monetary policy by Reserve Bank of India (RBI) next month. On its policy review on Tuesday, the Central bank kept key interest rates unchanged, but indicated that they may be cut in the next review.
However, the Sensex fell on fag-end selling due to weakness in global stocks on concerns over fiscal cliff in the world's largest economy. It settled at 19,242.00, a loss of 75.25 points, or 0.39 per cent, over the last
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