Global jitters spook Indian stocks, Sensex, Nifty lose 1 per cent

Mumbai: Market witnessed a downward journey for the third consequent week as this time the fears of global recession marred the trading sentiment. Good earning results did not save the momentum, as both the benchmark Sensex and Nifty lost one per cent during the current truncated week.

The market, already under pressure by uninterrupted capital outflows due to FIIs' turn-around from buyers to net sellers, later heaved a sigh of relief following the release of key US Federal Open Market Committee (FOMC) minutes which indicated that interest rates would remain low in near future.

The reprieve turned to anxiety for the investors following IMF warning forecast that US Federal Reserve would risk massive losses. Eurozone's biggest economy Germany's worst industrial output data signalling recessionary fears triggered a global sell-off, severely affecting the market sentiment.

This is despite the good domestic corporate earnings results as IT major Infosys which posted a 28.6 per cent jump in consolidated net profits for the quarter ended September 30. Across the sector selling was led by HealthCare, Metal, FMCG, Auto, IT, Teck and Consumer durables along with shares of Mid-Cap and Small-Cap companies.

However, stocks from Power, Oil&Gas, Realty, Capital Goods and Banking segments managed to trade positive. The BSE 30-share barometer resumed lower at 26,487.51 and moved in a range of 26,688.70 and 26,150.09 before ending the week at 26,297.38, a net fall of 270.61 points or 1.02 per cent.