Broader markets, however, outperformed frontline indices. The Nifty Midcap ended with 0.2 percent gains. About 1,400 shares advanced against 1,358 declining shares on the BSE.
market reversed all its previous day’s gains on Friday, tracking global weakness on worries over US interest rate hikes. Benchmark indices shed more than 1 percent, dragged mainly by banking and financials.
The 30-share BSE Sensex was down 407.40 points or 1.18 percent at 34,005.76 and the 50-share NSE Nifty fell 121.90 points or 1.15 percent to 10,455.
Frontline indices lost another 3 percent during the week, in addition to 2.7 percent loss in the previous week; and this sharp correction was mainly due to global woes.
Majority of experts feel the fall is expected to continue, though there could be some bargain hunting intermittently in quality stocks which may support the market.Nifty has crucial support at 10,400 and its breakdown will trigger further fall. In case of any rebound, it would face stiff resistance around 10,600-10,700 zone.