Sensex snaps two week winning streak, slips 45 points

The benchmark Sensex snapped its two week winning streaks to register small losses by 45.26 points to conclude at 36,496.37, while the broader Nifty managed to maintain the key 11,000-level to close at 11,010.20, losing a marginal 8.70 points.

Caution ruled roost during the week trade, weighed down by economic woes set-off by the surging June Wholesale price (WPI) inflation which shot-up to a four-year high to 5.77 per cent increased the chances of RBI hiking rates in its August meet.

However, a 4 per cent drop in global crude oil amid good corporate earning results and reports of government plan to infuse capital in troubled PSU banks alleviated the situation for a brief spell, only to be marred by political drama triggering a turn-around.

The no-trust motion against the BJP government on first of day of monsoon session of parliament brought investors anxiety once again, However, the market rebounded strongly in Friday session, driven by spurt in IT and Pharma counters, while the rupee hit record low at 69.13 vs US dollar.

The BSE Sensex started the week positive at 36,658.71 and hovered between life time highs of 36,747.87 and low of 36,261.78 before closing the week at 36,496.37, showing a modest loss of 45.26 or 0.21 per cent. (The Sensex gained 1118.15 points or 3.16 per cent in the previous two weeks session).

The Nifty also resumed the week higher at 11,018.95 and traded between 11,076.20 and 10,925.60, the index finally closed at 11,010.20, a marginal loss of 8.70 points, or 0.08 per cent.

In the broader market both Smallcap and Midcap ended the week with substantial losses.

Selling was led by Metal, Realty, HealthCare, Auto, Capital Goods, FMCG, Power, Banks and IPOs.

Buying was witnessed in Oil&Gas, IT, Consumer Durable, Teck and PSUs.

Bombay Stock Exchange - BSE

National Stock Exchange of India Ltd (NSE)