Indian equities markets tank ahead of monetary policy : Weekly Market Review

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed the week 466.27 points or 2.38 percent lower at 19,602.232 points.

At the National Stock Exchange, the 50-scrip S&P CNX Nifty slipped by 2.29 percent to close at 5,749.5 points.

With Friday's negative closing, the benchmark indices have ended in the red for five straight sessions.

Broader markets too closed among losses, with the BSE midcap index losing 1.95 percent and the BSE smallcap index shedding 1.84 percent.

Traders were spooked by the upcoming monetary policy review May 3, when the RBI is again expected to raise rates as inflation still remains high.

On a weekly basis, the major gainers on the Sensex were: ONGC, up 4.6 percent at Rs.308.90; Maruti Suzuki, up 4.3 percent at Rs.1,319.75 and Sterlite Industries, up 2.6 percent at Rs.181.10.

Major Sensex losers were: DLF, down 9 percent at Rs.222.90; Jaiprakash Associates, down 8.2 percent at Rs.92.70; BHEL, down 7.6 percent at Rs.2,000.75 and L&T, down 6.7 percent at Rs.1,597.90.

According to data available with the Securities and Exchange Board of India (SEBI), foreign institutional investors sold stocks worth $346.36 million during the week.

Global markets ended the week mixed. Among the Asian markets, the Japanese Nikkei average ended 1.69 percent up at 9,849.74 and the Shanghai composite index of the Chinese stock exchanges fell 3.29 percent at 2,911.51 points.

The Hang Seng of the Hong Kong stock exchange closed 1.73 percent lower at 23,720.81 points.

Among the European markets, the German DAX closed 0.52 percent higher at 7,514.46 points, while the French CAC 40 ended flat at 4,106.92. Britain's FTSE, in a truncated trading week, too closed flat at 6,069.9 points.