Sensex snaps 3-week winning spree, drops 110 pts

Tags: News
Even as the BSE benchmark Sensex breached 22K level during the week for the first time in the history, it snapped 3-week of gaining string, tumbling by 110 points to end at 21,809.80 due to profit booking following tightening of norms by Sebi.

The Sensex breached the 22,000 mark for the first time on Monday on the back of continued overseas investor interest linked to upcoming polls.

The NSE 50-shares Nifty also touched a new intra-day peak of 6,562.20 during the week surpassing previous lifetime peak of 6,537.80 hit on last Friday.

The buoyant mood was somehow disturbed by country's exports which contracted 3.67 per cent in February to USD 25.68 billion.

A steep fall in software major Infosys also affected the market sentiment. Infosys crashed by 9.40 per cent after the company said it expected muted growth in January-March quarter and even probably in the next financial year.

"Buoyed by better than expected macro-economic data, equity benchmarks were seen making a positive start. However, gains remained capped as some cautiousness crept in the market as SEBI has tightened norms to prevent money laundering through capital markets," said Jayant Manglik, President, Retail Distribution, Religare Securities.

Meanwhile, retail inflation eased to 25-month low of 8.1 per cent in February and industrial growth registered a modest growth of 0.1 per cent in January. WPI inflation also eased to nine-month low of 4.68 per cent in February.

The Sensex resumed lower at 21,819.19 and hovered in a range of 22,023.98 and 21,573.48 before ending the week at 21,809.80, showing a loss of 109.99 points or 0.50 per cent.

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