Mumbai: Extending losses for third straight week, the benchmark BSE Sensex plunged by 802 points to end at ten-week low of 27,458.64 on across-the-board selling, prompted by geo-political worries, and expiry of derivatives contract on March 26.
The NSE Nifty also tumbled by 230 points to end the week at ten-week low of 8,341.40.
Starting the week on a sluggish note, markets remained subdued on global weakness ahead of a key meeting between heads of Greece and Germany and caution ahead of expiry of monthly derivative contracts.
On Tuesday, markets tried to rally on sustained capital inflows amid Asian Development Bank (ADB) painting a positive outlook of India's economic growth.
However, it succumbed to a flurry of selling in the last one hour and closed in negative terrain.
Weak US durable goods data also weighed negatively on market sentiment, following concerns about the pace of economic recovery in the world's biggest economy.
On Thursday, Saudi Arabia, along with its allies, carried out air strikes against Huthi rebels in Yemen, sparking off a wave of risk aversion in global financial markets, traders said. The Sensex crashed by 654.25 points, or 2.33 percent, on that day, its biggest single day fall since January 6, 2015.
The benchmark S&P BSE 30-share barometer initially touched a high of 28,455.32, but nervous selling by operators and retail investors throughout the week on lack of any major trigger from overseas markets amid Middle-East worries pulled it down to a low of 27,248.45 before concluding the week at 27,458.64, showing a steep fall of 802.44 points, or 2.84 percent.
In straight three weeks, it has crashed by 1,990.31 points, or 6.76 percent.
The broad-based 50-issue CNX Nifty of the NSE also closed a massive 229.50 points, or 2.68 percent, down to ten-week low of 8,341.40.
Selling was so strong that all 12 sectoral indices closed in the red with IT, Bankex, Oil & Gas, Teck, Metal, FMCG and Realty, negatively impacting the sentiments.
Small-cap counters also bore the brunt of heavy selling by retail investors and its index underperformed the Sensex, plunging by 3.86 percent. The BSE-Midcap also dropped by 2.50 percent.
Next week, the market may see choppy trade due to shortened week. The BSE and the NSE will remain closed on April 2 and 3, 2015 on account of Mahavir Jayanti and Good Friday, respectively.
Global developments, foreign funds inflow, movements in rupee value and crude oil prices will dictate next week's trend as also the next trigger will be Q4 results of key companies, starting second week of April 2015.
"Going ahead, there is no immediate trigger on domestic front and hence markets may continue to be dictated by global factors. Quarterly results are also expected to be subdued.
"Further, action on the fiscal or monetary front, if any, can give some upside to the market," said Dipen Shah, Head of Private Client Group Research, Kotak Securities.
Meanwhile, Foreign Portfolio Investors (FPIs) bought shares worth Rs 1,150.75 crore during the week, including provisional figure of March 27.
During the week, investors lost money over Rs 2.81 lakh crore from their kitty.
Overall, 24 out of 30 Sensex-based scrips closed with losses, while five others finished with gain and SSLT held stable.
Major losers were Wipro (6.11 percent), Coal India (5.61 percent), BHEL (5.37 percent), SBI (5.32 percent), HDFC (5.18 percent), HUL (5.17 percent), RIL (4.98 percent), Tata Power (4.82 percent), Tata Steel (4.24 percent), HDFC Bank (3.97 percent).
Besides, other laggards were TCS (3.58 percent), ITC (3.21 percent), Infosys (2.52 percent), ONGC (2.27 percent), Tata Motors (2.16 percent), Axis Bank (1.92 percent), Bharti Airtel (1.60 percent), Hero MotoCorp (1.64 percent), ICICI Bank (1.47 percent) and Sun Pharma (1.60 percent).
Among the S&P BSE sectoral indices, IT tumbled by 3.30 percent, Bankex by 3.20 percent, Oil&Gas by 3.13 percent, Teck by 3.10 percent, Metal by 3.10 percent, FMCG by 3.08 percent, Realty by 2.81 percent, Power by 2.17 percent and Auto by 1.85 percent.
The total turnover at BSE and NSE declined further to Rs 16,906.00 crore and Rs 87,594.44 crore from Rs 18,436.47 crore and Rs 92,839.93 crore last week, respectively.
