Business Market 23 Sep 2017 Sensex tumble 350 po ...

Sensex tumble 350 points for the week on hectic profit-booking

PTI | DECCAN CHRONICLE
Published Sep 23, 2017, 1:55 pm IST
Updated Sep 23, 2017, 1:55 pm IST
The Sensex gained 585.09 points or 1.85 per cent during previous week. (Photo: AP)
 The Sensex gained 585.09 points or 1.85 per cent during previous week. (Photo: AP)

Mumbai: The benchmark Sensex registered sizable fall for the week, lossing 350.17 points to close 31,922.44, while the broader Nifty too dropped below the psychological 10,000 level at 9,964.40 fresh geopolitical tension in Korean peninsula.

The key indices started the week on bullish note with Nifty hitting historic highs lifted by increased liquidity support and expectation of two-day US Fed policy meet would deliver status-quo in rate hike.

It was short-lived as market sentiment bridled by lingering concerns of stock valuation gained leverage, while the US Fed decision to wind down the stimulus and signalling rate hike this year led to FII liquidity concerns and rupee reacting with a tumble.

Finance Minister Arun Jaitley stimulus assurance to revive the slowdown-hit economy as growth slipped to a three-year low of 5.7 per cent in the June quarter impacting the country's fiscal deficit target.

Market across the globe turned cautious as geo-political issues returned following fresh barrage of barbs between US President Donald Trump and North Korean president Kim Jong-un, threatening destruction of North Korea and fresh Hyderogen bomb test in pacific by latter.

The weekend saw the carnage at market as indices tanked on hectic profit-booking witnessing steepest percentage fall since November 2016. After opening at 32,361.37, the Sensex traded in a range of 32,524.11 and 31,886.09 before closing the week at 31,922.44, showing a loss of 350.17, or 1.09 per cent. The Sensex gained 585.09 points or 1.85 per cent during previous week.

The Nifty started the week at 10,133.10 and marked new life highs at 10,178.95 and a low of 9,952.80. The index closed the week at 9,964.40, lossing 121.00 points or 1.20 per cent.

Barring HealthCare sectors which managed to stay positive, Selling was led by Realty, Metal, IPO, Consumer Durables, PSUs, Power, Banks, Oil and Gas, FMCG, Auto, Teck and IT sectors. The second line shares of midcap and smallcap companies also witnessed substantial selling.  

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