Mumbai: Extending losses for third straightweek, the benchmark BSE Sensex plunged by 802 points to end at ten-week low of 27,458.64 on across-the-board selling, prompted by geo-political worries, and expiry of derivatives contract on March 26. The NSE Nifty also tumbled by 230 points to end the week at ten-week low of 8,341.40.
Starting the week on a sluggish note, markets remained subdued on global weakness ahead of a key meeting between heads of Greece and Germany and caution ahead of expiry of monthly derivative contracts. On Tuesday, markets tried to rally on sustained capital inflows amid Asian Development Bank (ADB) painting a positive outlook of India's economic growth.
However, it succumbed to a flurry of selling in the last one hour and closed in negative terrain. Weak US durable goods data also weighed negatively on market sentiment, following concerns about the pace of economic recovery in the world's biggest economy. On Thursday, Saudi Arabia, along with its allies, carried out air strikes against Huthi rebels in Yemen, sparking off a wave of risk aversion in global financial markets, traders said.
The Sensex crashed by 654.25 points, or 2.33 per cent, on that day, its biggest single day fall since January 6, 2015. The benchmark S&P BSE 30-share barometer initially touched a high of 28,455.32, but nervous selling by operators and retail investors throughout the week on lack of any major trigger from overseas markets amid Middle-East worries pulled it down to a low of 27,248.45 before concluding the week at 27,458.64, showing a steep fall of 802.44 points
