Markets tumble on weak global cues, geo-political concerns
The NSE Nifty also dropped by 210.40 points or 2.38 per cent to end the week at 8,621.15.
Mumbai: In spite of recovery on the last day of the week, both the indices, S&P BSE benchmark Sensex and NSE Nifty, tumbled by 802 points and 210 points due to heavy selling pressure after India conducted 'surgical strikes' on terror launch pads across the Line of Control.
The market mirrored the downswing in global equities which was impacted due to US Presidential election debate. Stocks staged a mild recovery on the last day as the Sensex mopped up modest gains amid creation of fresh bets with the beginning of the October series of derivative contracts.
According to HSBC, the global financial services major, inflation is likely to remain below the Reserve Bank's early 2017 target of 5 per cent for the next 12 months, opening up space for monetary easing.
"With US jobs data and RBI monetary policy scheduled for next week, investor focus is expected to be back on macros soon," said Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services.
The index tumbled 465 points on Thursday after India carried out "surgical strikes" on Wednesday night on terror launch pads across the Line of Control (LoC).
The S&P BSE benchmark Sensex resumed lower at 28,630.92 and dropped further to 27,716.78 before ending the week at 27,865.96, disclosing a heavy loss of 802.26 points or 2.80 per cent.
The NSE Nifty also dropped by 210.40 points or 2.38 per cent to end the week at 8,621.15. Shares of Power, Realty, Capital Goods, FMCG and Banking sectors fell sharply due to heavy profit-booking.