Weekly Review: Sensex ends lower on weak global cues, dips 254 points

Mumbai: Global sell-off amid crude volatility pulled down the domestic market with benchmark Sensex losing 253.72 points to close 24,616.97 during the week, while broader Nifty drifted below the key 7,500-level.

The week saw the market falling three out of five sessions coupled with mostly range-bound momentum as investors opted for caution due to key RBI's sixth bi-monthly monetary policy meet, while duly digesting the status quo in key interest rate. But the sentiment got jittery following fresh slide in crude oil below USD 30-barrel reviving global economic down-trend concerns.

The rise in domestic PMI's of manufacturing and service sectors also could not augment the stock-momentum as equally choked by volatile rupee sentiment and added global uncertainties emanated from struggling Chinese economy despite country's central bank injecting more liquidity.

However, the indices reverted to gains amid fag-end rebound in global stocks amid jump in crude prices and signs of further US interest rate hike in Federal Reserve's March FOMC meet greatly reduced.

The market also gained following major stock specific developments coupled with hope for key reform bills including GST and Bankruptcy bills will get passed in the Budget Session, beginning on February 23.

The sensex resumed higher at 24,982.22 and hovered in a range of 25,002.32 and 24,187.54 before ending at 24,616.97, showing a loss of 253.72 points or 1.02 percent.

The 50-share Nifty also fell by 74.45 points or 0.98 percent to 7,489.10.