Mumbai : Following a massive global sell-off, the Indian equity markets turned bearish for the second consecutive week — with the BSE Sensex dropping over a 1,000 points and the Nifty50 index over 300 points.

On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) tanked 1,060.99 points or 3.02 per cent to close trade at 34,005.76 points.

The wider Nifty50 of the National Stock Exchange (NSE) closed the week’s trade at 10,454.95 points — shedding 305.65 points or 2.84 per cent from its previous week’s close.

Since February 1, the BSE Sensex has shed around 1,900 points and the NSE Nifty over 500 points.

“In the week gone by, global stock market witnessed huge sell-off amid the fear of interest rates hike and this too sent the bond yields higher,” D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors, told IANS.

“Back at home, the Union Budget 2018 verdict played a catalyst role and since then market has been tumbling down. Though market recovered and closed in green on Thursday but on Friday market closed red tracking lower Asian and US markets,” he added.

Aggarwal said in line with expectations, the Reserve Bank of India — in its final bi-monthly monetary policy review of the fiscal on Wednesday — kept key interest rate unchanged at 6 per cent with neutral stance, citing concerns about the inflationary push by rising global crude oil prices.

On the currency front, the rupee weakened by 34 paise to close at 64.40 against the US dollar from its last week’s close at 64.06.

Provisional figures from the stock exchanges showed that foreign institutional investors sold off scrips worth Rs 8,260.96 crore, while domestic institutional investors purchased scrips worth Rs 6,286.58 crore during the week.

Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors off-loaded equities worth Rs 4,738.66 crore, or $738.24 million, during February 5-9.

“The week gone by saw the Nifty correcting further. The Nifty ended with week-on-week losses of 2.84 per cent,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.

“Sectorally, the top gainers were the pharma, metal and media indices. The top losers were the Bank Nifty, infra, FMCG and auto indices,” he added.

The top weekly Sensex gainers were: Sun Pharma (up 5.72 per cent at Rs 582.65); Dr Reddy’s Lab (up 3.43 per cent at Rs 2,194.80); Coal India (up 2.84 per cent at Rs 300.45); Tata Steel (up 2.08 per cent at Rs 683.65); and Power Grid (up 0.36 per cent at Rs 193.20).

The losers were: Yes Bank (down 6.99 per cent at Rs 325.55); HDFC (down 6.84 per cent at Rs 1,773.20); Larsen and Toubro (down 6.01 per cent at Rs 1,329.35); IndusInd Bank (down 5.94 per cent at Rs 1,651.40); and Tata Consultancy Services (down 5.62 per cent at Rs 2,972.30).

—IANS