Sensex dips for 7th day posts biggest weekly fall in sixteen weeks
| By Reuters
|
The Sensex fell 0.55 per cent on Friday, posting its biggest weekly fall in nearly three and a half months, as fresh concerns about the European debt crisis compounded lingering worries over weak domestic growth and slow government decision making.
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Cigarette and consumer goods major ITC, and frontline banking and auto stocks contributed most to the losses as investors expect growth to slow in coming quarters given rising cost pressures, high interest rates and a slump in the rupee.
The benchmark index fell 4.8 per cent for the week, its worst performance since the week ended August 7. This was its third straight weekly decline.
The main 30-share BSE index fell 90.20 points, or 0.55 per cent, to 16,371.51 points, its lowest close in six weeks. Eighteen of its components ended in the red.
The 50-share NSE index closed down 0.6 per cent at 4,905.80 points.
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