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The benchmark Sensex extended its losses for the second week in a row and was down by over 286 points to settle at 17,636.99 on selling mainly in realty, IT and capital goods counters, despite sustained capital inflows.
Both the stock exchanges BSE and NSE held a special trading session on Saturday for 90 minutes as the BSE tested its Disaster Recover Site (DR).
On the first day of the week Sensex logged steepest one day fall of almost 478 points in over five months to a three week low of 17,381.64 following rising crude oil prices, igniting investor worries that it will fuel inflation and dampened chances of interest rate cuts.
Global markets were weak on the same day as the Brent crude oil and the New York crude oil reached nearly 10 month highs on concerns over supply disruptions from Iran due to sanctions over its nuclear programme.
Later, it kissed 18K—mark to a high of 18,001.35 as globally, stock markets displayed a firm trend in view of approval of a package for debt ridden Greece, which boosted buying sentiment.
But selling pressure built up after the GDP numbers released on Wednesday showed that economic growth rate slipped to 6.1 per cent in the third quarter this fiscal, as against 8.3 per cent in Q3 of 2010—11.
Finally, the Sensex ended the week lower by 286.58 points or 1.60 per cent, at 17,636.99.
Similarly, the broad based NSE 50—issue Nifty also dipped by 69.90 points or 1.29 per cent to 5,359.40.
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