Markets snapped their two-week winning streak, amid weak global cues, after the Bank of Japan's surprising stance on interest rate and lower GDP growth forecast led to a sell-off in global stocks.
In the week to April 29, the S&P BSE Sensex ended down 0.9% at 26,607 and the Nifty50 settled 0.6% lower at 7,850.
However, the broader markets ended mixed with the BSE Midcap up 0.2% and Smallcap closing 0.5% lower.
Meanwhile, the US Federal Reserve at its two-day policy meet which ended Wednesday kept interest rates unchanged but signalled confidence in the US economic outlook, paving the way for a possible rate hike at its next policy meet in June.
The trend during the week was dictate by earnings from select index heavyweights and private lenders.
Reliance Industries ended down 5.4% on profit taking post its results announcement. The stock had appreciated nearly 10% in the last two months ahead of its fourth quarter earnings. Meanwhile, on account of the huge Rs 1.13 lakh crore capex for the ongoing refinery and petro-chemical expansions and the proposed launch of Jio telecom, its gross debt increased to Rs 1,81,079 crore in the March quarter compared with Rs 1,78,07 crore in the December quarter.
ICICI Bank was the top Sensex loser down 6% after it reported a 76 per cent drop in net profit in January-March quarter to Rs 702 crore as it set aside additional contingency provisioning of Rs 3,600 crore. Further, the net NPA increased to 2.98 per cent from 2.28 per cent in the quarter ended December.
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