Market Review: Stocks markets snap six week gaining streak, fall 255 points

The market snapped six- week long winning streak with BSE Sensex lossing 255.25 points to close 38,389.82 and the broader Nifty falling 91.40 points to conclude at 11,589.10.

The week saw the stock market perturbed by continued rupee depreciation marking fresh lows for second straight week weighed on the trading sentiment.

The rupee crashed, breaching 72-level for the week, testing all-time low of 72.11 per dollar amid weakness across emerging market currencies and rising oil prices.

Investors anxiety appended as weakening domestic currency raised concerns over economic as well as earnings growth outlook of the companies, the market suffered intense selling pressure three out-off five trading sessions.

Sentiments for the week also dented by weak global cues, rising crude and slowdown in key manufacturing PMI and Services Activity.

However, the rupee devalue helped the key HealthCare, IT, Teck industries, further the market witnessed value-buying in led by index pivotals during last two-sessions somewhat capping extensive losses.

The BSE Sensex started the week higher 38,915.91 and hovered between a high of 38,934.35 and low of 38,774.42 before ending the week at 38,389.82, showing loss of 255.25 or 0.66 per cent.
(The Sensex garnered 2,373.97 points or 6.50 per cent during past six week sessions).

The Nifty also resumed higher by 11,751.80 and moved between high of 11,751.80 and low 11,393.85, the index settled the week at 11,589.10, a loss of 91.40 points, or 0.78 per cent.

Selling was led by FMCG, Consumer Durables, Realty, PSUs, Capital Goods, Banks, Power, IPOs, Oil&Gas and Auto sectors.

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Gains were led by HealthCare, Metal, IT and Teck counters.

The broader midcap and smallcap companies shares also witnessed substantial selling.