Market snaps four week gains, ends with minor losses

Stocks: Snapping the four week gains, the market ended with minor losses as the BSE benchmark Sensex fell 67.92 points to close at 25,269.64, while the NSE Nifty ended on flat note slipping a marginal 3.45 points and managed to hold the crucial 7,700-level. After long holiday, the market witnessed rollercoaster ride witnessing biggest single-day fall and gains for the month during the week.

It opened weak on caution due to March monthly expiry and fears of US rate hike amid hawkish tone of key FOMC members, though early slide was largely underpinned by fall in HealthCare stocks on observation by the USFDA on various Indian Pharma Plants.

The market did a U-turn on global rally following encouragement from US Federal Reserve Chairwoman Janet Yellen’s decision on interest rate hike to proceed cautiously on raising it in the midst of global risk factor.

The last two-session of the trade saw the key indices turning the trend to a consolidation mood on bouts of volatility with global markets under pressure after dismal Japanese manufacturing data rekindled economic slowdown worries resulting massive plunge in Tokyo, along with a fresh fall in crude and caution ahead US jobs data, while the impending domestic Q4 earning season added to the selling pressure.

Selling was mainly led by HealthCare, Metal, Teck, IT and PSUs and buying was witnessed in Realty, Power, FMCG, Bankex and Auto sectors, while the broader midcap and smallcap shares also witnessed good buying activity.

The Sensex resumed higher at 25,417.11 and hovered between a high of 25,479.62 and low of 24,835.56 before closing the week at 25,269.64, showing a loss of 67.92 points or 0.27 per cent. The NSE 50-share Nifty ended flat by marginal loss of 3.45 points or 0.04 to finish at 7,713.05.