Sensex snaps 5-day rally, sees marginal weekly gain – Times of India

MUMBAI: The sensex nursed losses on Friday as investors pocketed gains after a five-session winning streak amid a bearish trend overseas. A depreciating rupee and foreign fund outflows further soured risk sentiment, traders said. The sensex, which had started the trade on a firm note, soon gave up all the gains and finally ended 652 points or 1% lower at 59,646.

The broader Nifty snapped its eight-day rally to close at 17,758, down 198 points or 1.1%. IndusInd Bank was the top laggard in the sensex pack, dropping 3.8%. “Profit-booking amid weak global cues impacted domestic indices as concerns about interest rate hikes hung over the markets,” said Vinod Nair of Geojit Financial Services. “Additionally, the recent rally of the dollar index and FIIs turning net sellers has surprised bulls. Broad-based selling was witnessed with the index heavyweights dragging the index further down,” he added. agencies