Indian market closed in the red through the week pushing benchmark indices below crucial support levels while the broader market outperformed. The S&P BSE Sensex closed below 47,000 while Nifty50 also closed below 13,700 levels.
The S&P BSE Sensex and Nifty50 plunged more than 5 percent each for the week ended January 29 compared to 3.6 percent fall in the S&P BSE Midcap index and a 2.3 percent decline in the S&P BSE Smallcap index in the same period.
Weak global cues, selling by foreign institutional investors (FIIs), which only increased in the run-up to the Budget, weighed on sentiment. FIIs have pulled out more than Rs 12,000 crore in the cash segment of the Indian equity markets.
"The market traded negative, during the week, due to continuous FII selling under a weakening global trend. Both FIIs and domestic investors sold ahead of the key Union Budget,” Vinod Nair, Head of Research at Geojit Financial Services told Moneycontrol.