- Rupee drops for 3rd day, slips to 62.16 against US dollarBSE Sensex plunges 210 pts today, marks biggest weekly fall in five ahead of RBI, US Fed meetsIndian stock market lacks depth, over-dependent on FIIs: Assocham studyMarket Outlook: BSE Sensex may continue to fall ahead of RBI, US Fed meets
making it harder for the Reserve Bank to lower interest rates at its upcoming monetary policy meet. Shares of power, capital goods, consumer durable, auto, banking and realty sectors were the main losers of the week, while IT and FMCG segments notched gains.
Barring Japan, other key Asian markets closed in negative following fall on the Wall Street during the week which also put pressure on the Indian bourses.
According to analysts, the markets settled down after the initial euphoria on Monday.
"The mood in the markets was a bit sombre for the better part of the week after the euphoria on the first trading day, triggered by positive mandate given to BJP in the State elections," said Jignesh Chaudhary, Head (Research), Veracity Broking Services.
"Thereon markets traded weak for four consecutive days following a negative trend in global markets on anticipation of a near-term intervention by Fed in the bond purchase programme," he added.
"On the domestic front, a weak rupee, negative IIP numbers and high inflationary numbers did not give any credence to the markets to cheer about. Markets finally ended negative at close on Friday, almost 600 points below its high on Monday.
"There are two important data points which are scheduled to be released next week, which the markets are keenly watching. If FED during its meeting next week, proposes some more near term dates for ending the stimulus program, Indian markets are definitely going to witness some severe jolts next week.
"The technical indicators are suggesting bearish trend and the BSE Sensex is expected to trade in the range of 20,660 to 20,756 and CNX Nifty is expected to trade in the range of 6,000 to 6,150," he added.
Meanwhile, Foreign Institutional Investors (FIIs) invested a net Rs 4,595.08 crore during the week including the provisional figure of December 13.
23 stocks out of the Sensex pack ended lower while others finished higher.
Major losers from the Sensex pack were BHEL (10.65 per cent), Jindal Steel (9.16 per cent), NTPC (8.25 per cent), SBI (6.78 per cent), Tata Motors (5.60 per cent), Bharti Airtel (5.43 per cent), ICICI Bank (5.28 per cent), ONGC (5.03 per