Fears over feeble earning outcomes, pessimistic global signals and a doubtful regulatory atmosphere weighed heavy on Indian bourses as a benchmark index ended down by 356.26 points for the second consecutive week ended May 4, 2012.
The 30-share index BSE Sensex ended 356.26 points down at 16,831.08 as against its previous weekly close at 17,187.34.
The borad-based Nifty also closed in the negative after shedding 2.34% to settle the week at 5,086.85.
For the week, broader markets also closed in the negative zone with the BSE midcap ending 2.73% down and smallcap remained down by 2.05%.
The BSE banking index lost 475.85 points accompanied by capital goods index, which declined 488.76 points.
The metals index dropped 406.86 points and auto index remained down by 550.57 points.
Banking stocks slumped after the Reserve Bank of India (RBI) declared rules for execution of the Basel III norms.
On Friday, State Bank of India slipped 4.39% to end the week at Rs 1,993.60.
Private lender HDFC Bank declined by 2.86% and ICICI Bank tanked 2.75%.
The shares of Hero MotoCorp declined 4.42% on pessimistic buyer reactions. The other major auto firm Bajaj Auto remained down by 3.76%, Mahindra and Mahindra slumped 2.47% and Maruti Suzuki dipped 0.64%.
Other key Sensex losers consisted of BHEL, L&T, Tata Steel, Sterlite Inds, and DLF.
Only five of the 30 Sensex scrips closed the week in the positive zone. These were Cipla, Wipro, Hindustan Uniliver, Sun Pharma and Tata Motors.
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