Market undergoes marginal correction

The 50-share Nifty of the National Stock Exchange also finished the week lower by 17.10 points or 0.34 per cent to 4,958.95 from its previous weekend8217;s close of 4,976.05.

The bellwether Sensex had virtually touched 17K mark while the Nifty crossed the 5,000 psychological level on September 22 on sustained capital inflows.

Though the rollover to October series was quiet healthy and the market technically very strong,investors preferred to be cautious due to stretched valuations.

Continued offers of equity and equity related instruments by companies to raise funds also cause concerns that this will suck liquidity from the secondary market.

The market,however,was well support by growing optimism about second quarter corporate earnings prompted by positive growth in advance corporate tax payments in September quarter,an indication of revival of economic activity.

Reports that the Sebi was planning to further relax norms for governing foreign portfolio investment in country also seen as a positive factor for the market.