Markets end in red due to fresh selling pressure

Mumbai: Markets ended red due to fresh selling pressure from operators as the S&P BSE benchmark sensex dropped by 228 points to end the week at 29,421.40 and and the NSE 50-share Nifty by 52 points to close at 9,108.

After an exciting past week, the markets posted losses this week on the closing basis. Key indices halted their rally and corrected for first three trading sessions of the week on account of weak global market cues, Mr. Anupam Singhi, COO of William O Neil India said.

However, they staged solid comeback in the later two sessions to narrow the losses. Having ticked an all time high of 9,218.40 last week, the Nifty corrected by 0.57 pct this week. It however traded above the key level of 9100 to end the week at 9108.

The index is currently trading 1.2 pct below its all time high. The week's range was observed at 9,167.60-9,019.30.

Registering a handsome gain of 2.43 pct last week, the Sensex slowed down to mark a loss of 0.77 pct this week. The index traded in the wide range of 29,699.48-29,137.48.

In line with the Sensex and the Nifty, most of the sectors declined during the week. The Nifty Auto, IT and Pharma indices gave up over one pct each, to top the list of biggest losers. The Nifty Realty index was the clear winner advancing 2.5 pct in this week. Similarly, Nifty Media and PSU Bank are the only other indices that managed to end the week in gains.