Market weekly wrap-up: Sensex falls 468 points, Nifty down 114 points amid elevated crude oil prices

The domestic equity benchmark indices declined this week amid elevated crude oil prices due to global uncertainties which dented investor sentimentMarket indices movementThe market benchmark indices registered losses on three days this week and remained flat on Friday as global crude oil prices hovered near USD 94 per barrelIn the last week the benchmark indices experienced volatile activity On a weekly basis the Nifty ended 047 percent lower while the Sensex declined by 460 points Amol Athawale VP Technical Research Kotak Securities saidOn Friday the 30share BSE Sensex gained just 311 points to end at 7754083 while the 50share NSE Nifty climbed 2015 points or 008 per cent at 24252 During the week the Sensex declined 46842 points or 060 per cent while the Nifty slipped 114 points or 047 per centBenchmark indices traded in a range with corrective bias for the second week in a row as elevated crude oil prices above USD 92 and continued tensions between the US and Iran remain key concerns for the market Nifty started the week on a negative note and formed an intraweek low of 24026 on Wednesday session However pullback in the last two sessions of the week saw the index closing off the lows at 24252 levels down by 05 per cent Pabitro Mukherjee Deputy Vice President Research Bajaj Broking saidOn Thursday the Sensex that had declined for four days reversed the trend and surged 62804 points or 082 per cent to settle at 7753772 while the Nifty snapped its seven day losses to soar 15355 points or 064 per cent to end at 2423185During the week broader market relatively outperformed with Nifty Midcap 100 index closing the week on a flat note While the Nifty small cap 100 index outperformed and formed a fresh all time high to close the week higher by more than 1 per cent noted MukherjeeAccording to Vinod Nair Head of Research Geojit Investments the investor sentiment stayed defensive through much of the week as crude oil pushed past the psychologically important ninetydollar mark reviving importedinflation worriesThis backdrop triggered a sharp midweek dip ahead of US FOMC Federal Open Market Committee minutes Markets however clawed back losses towards the close drawing support from value buying in financials and the underlying resilience of domestic fundamentals he notedSectorally investors rotated into realty metals and private banks drawn by firm commodity prices healthy credit growth and reasonable valuations after the recent correction while stepping away from IT and FMCG amid concerns over global technology spending and rising input costs Nair addedMarket outlookAccording to Athawale from a technical standpoint the shortterm market outlook remains weakIndian equities could remain sideways with a marginal recovery expected next week after last two weeks of fall Monsoon progression FII flows crude oil prices and broader macroeconomic developments will remain key monitorables while sectorspecific opportunities are likely to drive broader market action Siddhartha Khemka Head of Research Wealth Management Motilal Oswal Financial Services saidForeign Institutional Investors FIIs ended the week under review as net sellers of Rs 1602 crore while Domestic Institutional Investors DIIs were net buyers on each of the five trading days deploying Rs 17320 crore in the Indian equity marketBrent crude the global oil benchmark was up 065 per cent at USD 9439 per barrelLooking ahead upcoming US inflation and GDP data will be key monitorable for the global rate trajectory Nair said