Sensex snaps worst weekly losing streak
The stock markets managed to snap seven-week long losing streak as both the key indices Sensex and Nifty ended the week in the green amid a host of negative factors.
Abysmal industrial data, spiralling inflation as well as global crude oil prices and muted business outlook indicated by IT bellwether Infosys Tech weighed on the market sentiment on Friday, wiping out major part of the week's gains.
The Bombay Stock Exchange 30-share barometer crossed 14K-mark at mid-week, but failed to maintain the level due to fluid political conditions.
The Sensex ended the week at 13,469.85, a minor gain of 15.85 points or 0.12 per cent from last weekend's close.
In the last seven week of bearish phase, the Sensex had registered a loss of 3,980.94 points or 22.83 per cent, the biggest ever fall in a single weekly losing streak.
The broader 50-share Nifty of the National Stock Exchange also gained 33.00 points or 0.82 per cent to end the week at 4,049.00 from 4,016.00 at previous weekend.
The market digested adverse political news when the Left parties withdrew support to the Congress-led UPA government as the Samajwadi Party extended its support on the issue of the Indo-US nuclear deal.
The release of inflation and IIP data at the weekend, however, pulled the markets down.
Inflation jumped to 11.89 per cent for the week ended June 28 while India's industrial production showed marginal rise of 3.8 per cent in May, which is substantially lower compared to 10.6 per cent a year ago.
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- Because of the November fall, the economy is set to contract again in the fourth quarter.