MUMBAI: The BSE benchmark Sensex fell to mark biggest weekly loss in a month, falling 257.62 points to finish at 26,489.56, while the broader Nifty fell below the crucial 8,150-level.
The market began the week on negative note with dismal IIP data, US president-elect Trumps blunt talk on visas and surging crudeoil affecting the stocks, however, immense caution focused on two day US Fed Reserve policy meeting.
When the US Fed increased the rate which was expected, it is the hawkish tone of indicating three more hikes in the coming year led fears of capital flights from emerging markets on strong US bonds yields and dollar strength set-off nervousness in trading community,
Sentiments were on the edge as investors opted for bouts of shortcovering gains for the week, with GST wash-out in Parliament winter session, widening trade-deficit data set-off negative mood for the week.
While comforting macrodata’s retail inflation (CPI) and Wholesale inflation (WPI) were overlooked. Stock specific selling pressure on dismal earning results like Coal India led the market to down-hill.
The selling was led by Metal, FMCG, PSUs, HealthCare, Bankex, Oil&Gas, Power, Realty, CapitalGoods, Auto, Consumer Durables and IPOs, while shares of midcap and smallcap also witnessed widespread selling.
