Sensex snaps last week’s strong gains

Sensex dropped by 242.19 points,or 1.36 per cent,to end the week at 17,562.61.

Weekly review: A dent in the confidence of investors across the globe on the euro-zone debt crisis led the benchmark Sensex to snap its last week’s strong gains and close down by over 242 points at 17,562.61 during the week under review.

Steep rise in food inflation and hike in petrol prices at home also weighed on the market sentiment.

The BSE benchmark Sensex dropped by 242.19 points,or 1.36 per cent,to end the week at 17,562.61 from its last weekend’s close after moving in a range of 17,813.11 and 17,278.03.

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The NSE 50-share Nifty also fell by 76.50 points,or 1.43 per cent,to finish the week at 5,284.20.

The market was in utter confusion till the middle of the week over the developments abroad,mainly in Europe,after Greek Prime Minister called a referendum over the European Union bail-out deal.

However,scrapping of the idea of referendum by Greek PM on Thursday after the opposition indicated they backed the new bailout deal to cut Greece’s debts and surprise interest rate cut by the European Central Bank (ECB) gave some relief to investors and helped the recovery in the last two days.

Looking at the current unpredictable scenario and last week’s solid gains,investors preferred to book profits mainly in Auto,Metal,refinery and IT stocks.

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However,some of the FMCG and power counters attracted good buying support.

Sensex-based stocks like Tata Motors,M&M,Hero MotoCorp,RIL,ONGC,ICICI Bank,ITC,TCS,Infosys Tech,L&T,Sterlite Ind,Hindalco,Tata Steel and Coal India suffered sharp to moderate losses,affecting the sentiment.

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