Profit booking by investors coupled with weak cues from Asian markets and selling by foreign funds has dragged down the country?s key indices on Friday. However, on a weekly basis, the indices registered a gain for the second consecutive week.
On Friday, the Sensex was down 155.71 points to close at 17,574.53, while the Nifty lost 51.55 points to end the day at 5,269.05. Most Asian markets closed in the red. The yen traded near a two-week high against the euro on speculation that the G20 summit won?t take decisions on ways to tackle the Europe debt crisis.
Foreign institutional investors (FII) sold stocks worth over Rs 307 crore, snapping their 11-day buying session. According to the data from the Bombay Stock Exchange (BSE), FIIs bought stocks worth approximately Rs 6,500 crore in the month. In the last week, 30-share Sensex was marginally up 0.02% while the broader Nifty gained 0.12%.
Deven Choksey, MD, KR Choksey Securities, said, ?Markets are not likely to go down from this level as there is good amount of profit-booking. With liquidity condition improving, its just the matter of time markets once again start moving up.? Barring oil & gas, PSU and healthcare, all sectors on the BSE ended the day in red with Metal and Bankex being the worst performers. In the last one week, markets have remained volatile. ?The rupee is likely to appreciate in the coming days as the euro issue is settling down,? added Choksey.