The Indian stock markets displayed a distinctly weak trend during the week just ended as the benchmark Sensex plunged by 6.36 per cent to register its over 3-year weekly closing low, on a host of negative factors.
Key rate cuts by the apex bank on Wednesday followed by fall in the rate of inflation failed to draw attention of the bulls as fall in exports, sustained selling by foreign funds, worsening global economy and falling the rupee value weighed on the local bourses, brokers said.
Concerns over the outcome of the forthcoming elections and sluggish global markets also put pressure on stocks.
For the week ended March 7, the Bombay Stock Exchange 30-share barometer gyrated in a range of 8,762.88 and 8,047.17 before concluding the week at 8,325.82, the level not seen since the first week of November 2005, a steep fall of 565.79 points over the last weekend's close.
The broader 50-issue Nifty of the National Stock Exchange also fell back by a whopping 143.50 points, or 5.19 per cent, to end the week at 2,620.15 from 2,763.65 last weekend.
The market resumed the week lower following a fourth straight monthly decline in the country's export. India's exports declined by 15.59 per cent in January over the year-ago period, showing a fall for a fourth straight month as the global slowdown continued to affect demand for Indian goods.
