The Indian equity market closed with modest gains amid a choppy session. Nifty managed to hold on to the 7500 mark as sentiment got a boost after the WPI fell for the 16th straight month in February, dropping to -0.91% com- pared to -0.90% in January.
The Nifty ended the week sharply negative as global sentiments turned weak. FIIs continued their selling spree and emerging markets stayed under pressure throughout the week. Index heavyweights also failed to surprise the Street.
This was the biggest loss in a series for both the Sensex and Nifty since August 2013. Finally, the Sensex ended with a loss of 192 points at 25,860. The BSE Sensex opened at 26,049, touched an intra-day high of 26,049 and low of 25,810.
The BSE Sensex and NSE Nifty slipped over 1% for the second consecutive session on account of weak cues from the global markets. IT stocks led the decline after a disappointing quarterly forecast from Cognizant. Cog- nizant forecast its slowest quarterly revenue growth in 14 years.
The Nifty shed another 1% last week amid high volatility and tested 7350 during the week before recovering towards 7500. Intensity of selling pressure from FIIs also declined as they turned net buyers last week
The Nifty continued to trade with a negative bias and made 52 week closing low on expiry day. The banking index remained a major laggard, ending at the lowest levels since May 9, 2014. During the week, the Bank Nifty declined almost 4% while the Nifty lost 2.5%.
After a sharp fall witnessed in the penultimate week, the Nifty saw some recovery and gained more than 3 %. The recovery was in line with global cues while European markets were up almost 5% last week
Selling pressure continued in broader index. The Nifty saw another 2.7% loss in the week as three of four sessions ended in the red. Selling pressure in EMs coupled with scepticism in consumption stocks led a sustained sell-off
After three weeks of continuous declines, the Nifty recovered marginally by 1.2 % last week. However, it breached lows of last week and tested 7714 before moving above 7850