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%.
The Bombay Stock Exchange Sensex on Thursday ended at a record closing high of 39,832, ahead of the swearing in of the new Union Cabinet.
The Sensex advanced by 329.92 points, or 0.84 per cent, while the Nifty also advanced by 84.80 points, or 0.71 per cent, to 11,945.90.
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“In expectation of a growth agenda by the government, the market is building hope for new measures and spending in the final budget,” said Vinod Nair, Head of Research, Geojit Financial Services.
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“Investors’ confidence are up despite high valuation as the liquidity issue will ease with a cut in interest rates in the monetary policy,” Nair added.
Epic Research Chief Executive Mustafa Nadeem said although the appointments for four key departments – Home, Defence, External Affairs and Finance – would have an impact, but as far as the markets are concerned a lot would also depend on sectors such as power, energy, infrastructure and transportation.
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