Market records steepest weekly declines in over two years
At close, Sensex ended near the 78,000 mark, shedding 1.5% from the previous session, while the Nifty fell below 23,600, also down 1.5%.
Remaining cautious ahead of Assembly elections results 2017, Sensex and Nifty registered marginal changes in during the week but the Rupee jumped to a four-month high of 66.73 against the US Dollar.
Maximum poll results have predicted that Narendra Modi’s Bharatiya Janata Party (BJP) will emerge as the single largest party in Uttar Pradesh.
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Meanwhile, Fitch also raised GDP growth expectations for the currency fiscal saying the demonetisation may have damaged the economic growth badly.
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“Indian economy to grow by 7.1 per cent in current fiscal and 7.7 per cent in 2017-18,” a Fitch report stated on Tuesday.
Opening the week at 28,859, the Sensex rallied to 29,048 amid positive global trend expectations of higher GDP growth data for the currency financial year (FY 2016-17). The benchmark index closed at 28,946 on Friday.
The broader Nifty closed the week at 8,935. The index had closed at 8,898 on March 3.
Last week, both the key benchmark indices had snapped their 5-week winning spree by slipping 61 points and 42 points respectively.
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