Sensex ends lower in festive week, drops 135.67 points

Mumbai: The stock market witnessed turbulence in the festive week as the benchmark BSE Sensex lost 135.67 points to retreat from the psychological 28,000-mark, while broader Nifty fell by 55.05 points.

The auspicious week of 'Diwali' festival was suffused by monthly expiry as well as last trading day of Samvat 2072 on 'Dhanteras' was frustrated by key market-bearing events.

Though the stocks started the week on a bullish note supported by firm global sentiment, the shocking removal of Cyrus Mistry as the chairman of Tata Sons hit Tata group shares dampening the sentiment. Also, disappointing earnings by key banking financials pushed the stocks into the negative zone.

A value buying by investors, however, helped stocks recover from the 'ouster' shocks. Also the expiry day saw hectic short-covering, while rebound in Q2 results also lifted the market to some extent capping the larger losses during the week.

The 30-share Sensex resumed higher at 28,156.59 and hovered between 28,256.65 and 27,665.60 before ending the week at 27,941.51, showing a loss of 135.67 points or 0.48 per cent. The NSE Nifty also declined 55.05 points or 0.63 per cent to close the week at 8,638.00.

Selling was led by IT, teck, capital goods, power, bankex, auto, metal, and consumer durables counters. The second line shares traded mixed with smallcap companies shares gaining slightly while midcap incurring heavy selling pressure. Buying was seen in PSUs, oil and gas, healthcare, IPOs, FMCG and realty sectors.