Selling in consumer durable, auto, pharma, FMCG and banking stocks kept the market under pressure while global developments weighed heavily on investor mind. (Agencies)
The Bombay Stock Exchange 30-share barometer resumed trading on a firm note and touched a high of 20,934.40 on the back of China's proposed economic reforms and hopes that the US stimulus programme would be extended.
Initially, the market got a boost after incoming US Federal Reserve chief Janet Yellen indicated the USD 85 billion monthly bond purchases would continue, raising hopes of higher capital inflows in India and other emerging markets.
The rupee, which strengthened against the dollar, also supported local equities, a broker said. However, the Sensex fell to a low of 20,137.67 before concluding the week at 20,217.39, posting a fall of 182.03 points, or 0.89 percent, over the last weekend close.
The key BSE index has tanked by 979.42 points, or 4.62 percent, in the last three weeks. The 50-share CNX Nifty of National Stock Exchange (NSE) also tumbled by 60.70 points, or 1 percent, to end the week below 6,000 mark at 5,995.45.
The market lost the positive momentum after mid-week when minutes from the Federal Reserve's last meeting signalled that the easy money policy may be rolled back in coming months as the world's largest economy shows signs of recovery.
The US central bank's bond-buying plan has been a source of liquidity for most Asian and emerging markets, including India, this year, and played an important role in fuelling periodic rallies on domestic bourses, which have witnessed new peaks in recent months.
Selling in consumer durable, auto, pharma, FMCG and banking stocks kept the market under pressure while global developments weighed heavily on investor mind.