The markets last week witnessed heavy sell off as Nifty broke its support of 5600 and also moved below its 200 DMA. The selling was based on global cues and was purely technical. Nifty closed down around 2 per cent on a weekly basis. The sectoral losers for the week were FMCG and Auto sectors, down around 3.2 per cent and 2.4 per cent respectively. The sectoral gainers were Healthcare and Oil and Gas, which closed up around 2.7 per cent and 1.2 per cent respectively.

Mario Draghi, president of the European Central Bank at a press meet in Frankfurt, Germany on April 4, 2013. Pic/AFP