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Market ends its five-week rally

The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, declined 443.64 points or 2.92 per cent in the week to close at 14,724.18 on Thursday.

The S&P CNX Nifty index of the National Stock Exchange lost 98.80 points or 2.18 per cent in the week to end at 4,430.70.

The BSE mid cap index fell 63.55 points of 1.07 per cent at 5,823.42 in the week and BSE small cap index lost 71.30 points or 0.99 per cent at 7,110.44.

India's inflation touched 12.44 per cent for the week ended August 2 as compared to 12.01 per cent for the week before, but that did not have an effect on the stocks as the announcement was made after the markets closed Thursday.

On Wednesday, market regulator Securities Exchange Board of India (SEBI) held a review meeting where it was decided to cut down on the timeline of rights issue to 43 days from 109 days. That did have an adverse effect.

SEBI the markets attarcated $121.20 million in foreign institutional investments during the week.

The week started on a positive note on the back of strong global cues and fall in crude oil prices. The Sensex closed with a gain of 336.10 or 2.22 per cent at 15,503.92 on Monday and the Nifty rose 90.90 points or 2.01 per cent to 4,620.40.

The indices ended lower on Tuesday, on the back of poor industrial output data. The Sensex lost 291.79 pints or 1.88 per cent to 15,212.13. The Nifty lost 68.15 points or 1.47 per cent to 4,552.25.

On Wednesday for the second consecutive day the Sensex closed with a loss of 119.01 or 0.78 per cent at 15,093.12 and the Nifty slipped 23.2 points or 0.51 per cent at 4,529.05.

The markets extended losses for the third day running after a rise in crude oil prices which rekindled fears of inflationary pressure.

On Thursday the Sensex fell 368.94 points or 2.44 per cent to 14,724.18 and the Nifty lost 98.35 points or 2.17 per cent to close at 4,430.70.