Even as the BSE benchmark Sensex breached 22K level during the week for the first time in the history, it snapped 3-week of gaining string, tumbling by 110 points to end at 21,809.80 due to profit booking following tightening of norms by Sebi.
The Sensex breached the 22,000 mark for the first time on Monday on the back of continued overseas investor interest linked to upcoming polls.
The NSE 50-shares Nifty also touched a new intra-day peak of 6,562.20 during the week surpassing previous lifetime peak of 6,537.80 hit on last Friday.
The buoyant mood was somehow disturbed by country's exports which contracted 3.67 per cent in February to $25.68 billion.
A steep fall in software major Infosys also affected the market sentiment. Infosys crashed by 9.40 per cent after the company said it expected muted growth in January-March quarter and even probably in the next financial year.
"Buoyed by better than expected macro-economic data, equity benchmarks were seen making a positive start. However, gains remained capped as some cautiousness crept in the market as SEBI has tightened norms to prevent money laundering through capital markets," said Jayant Manglik, President, Retail Distribution, Religare Securities.
Meanwhile, retail inflation eased to 25-month low of 8.1 per cent in February and industrial growth registered a modest growth of 0.1 per cent in January. WPI inflation also eased to nine-month low of 4.68 per cent in February.
The Sensex resumed lower at 21,819.19 and hovered in a range of 22,023.98 and 21,573.48 before ending the week at 21,809.80, showing a loss of 109.99 points or 0.50 per cent.
It had gained by 1,552.97 points or 7.62 points in the previous three weeks.
The NSE 50-share Nifty also dropped by 22.45 points or 0.34 per cent to finish at 6,504.20. It had also gained by 478.30 points or 7.91 per cent in the previous three weeks.
Meanwhile, Foreign institutional investors (FIIs), bought shares worth Rs 302.49 crore in the just ended week, including the provisional data of March 14.
Eighteen scrips out of the 30-share Sensex pack ended higher, while 12 others finished lower.
Major losers were Infosys (9.40 per cent), SSLT (7.81 per cent), Tata Steel (7.70 per cent), Hindalco (7.54 per cent), Sun Pharma (4.97 per cent), Gail India (4.14 per cent), Tata Motors (3.84 per cent), TCS (3.77 per cent), Axis Bank (3.62 per cent), Wipro (3.27 per cent) and Bharti Airtel (2.09 per cent).
However, Hero MotoCorp rose by 6.10 per cent, Tata Power 5.05 per cent, L&T 4.84 per cent, M&M 4.61 per cent, HDFC Bank 2.86 per cent, ITC 2.80 per cent, ONGC 2.30 per cent, BHEL 2.10 per cent, RIL 1.97 per cent, Dr Reddy's Lab 1.82 per cent, Cipla 1.29 per cent and Icici Bank 1.04 per cent.
Among the S&P BSE sectoral indices, IT dropped by 6.09 per cent, followed by Teck 5.20 per cent, Metal 4.82 per cent, HC 1.68 per cent and CD 1.09 per cent while CG rose by 3.47 per cent, Realty 2.07 per cent, Oil&Gas 1.50 per cent, Bankex 1.39 per cent and FMCG 1.29 per cent.
Total turnover at the BSE and NSE was Rs 13,131.24 crore and Rs 70,010.16 crore, respectively, as against the last weekend's level of Rs 14,514.40 crore and Rs 65,707.81 crore.
Forex: The Indian rupee snapped its two-week gaining spree against the American currency by slipping 12 paise to finish at 61.19 per dollar on fag-end dollar demand from banks and importers.
The rupee resumed lower at 61.26 per dollar as against the last weekend's level of 61.07 per dollar at the Interbank Foreign Exchange (Forex) market.
However, it recovered afterwards to 7-month high of 60.59 per dollar, a level not seen since August 12, 2013, when it touched intra-day high of 60.45, on selling of dollars by banks and exporters in view of heavy capital inflows into equity market before ending the week at 61.19 per dollar, registering a loss of 12 paise or 0.20 per cent from its last weekend's level.
It had gained by 105 paise or 1.69 per cent in the last two weeks.
Meanwhile, retail inflation eased to 25-month low of 8.1 per cent in February and industrial growth registered a modest growth of 0.1 per cent in January.
Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said " After appreciating for two weeks Rupee traded low last week and depreciated over 0.75 per cent during the week on disappointing Chinese economic data which forced investors to stay away from riskier assets, including equities, commodity & currencies".
Asian shares slipped to a three-week low on Friday as tension over the Ukraine got more sensitive ahead of a weekend referendum forced investors to get rid of riskier assets.
Weekly outlook from Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said, "After appreciating for two weeks Rupee traded low during the week on disappointing Chinese economic data which forced investors to stay away from riskier assets, including equities, commodity and currencies.
"Asian shares slipped to a three-week low on Friday as tension over the Ukraine got more sensitive ahead of a weekend referendum forced investors to get rid of riskier assets.
"Indian local equities traded weak and posted its first weekly loss after gaining for three consecutive weeks. The trading range for the Spot rupee is expected to be within 60.80 to 62.00."
Forward dollar premiums remained weak due to sustained receipts by exporters.
The benchmark six-month forward dollar premium payable in August dropped further to 235.5-237.5 paise from 250.5-252.5 paise and far-forward contracts maturing in February 2015 also finished lower at 479-481 paise from 491-493 paise.
The RBI fixed the reference rate for the US dollar at 61.5170 and for the euro at 85.2265 from 60.9850 and 84.5255, respectively.
The rupee shot up further against the pound sterling to 101.58 from last Friday's close of 102.40.
However, it fell back slightly to 84.99 per euro from last weekend's close of 84.95 and also dropped against the Japanese yen to 60.35 per 100 yen from preceding weekend's close of 59.33. .
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