Sensex snaps 2-week gains, ends lower by 169 pts

Stocks: Even after fag-end buying from operators and investors on hopes of interest rate cut by Reserve Bank Of India (RBI) due to fall in inflation figure, the S&P BSE benchmark Sensex snapped its last 2-week gains and ended lower by 169 points to close at 28,067.31.
Market was trading lower for first three trading days of the week following a surprise devaluation of the Yuan by China.
However, it recovered afterwards on hopes of interest rate cut by the RBI as consumer price inflation fell to multi year low in July.
Shares of metal, refinery, FMCG, power, capital goods, auto and consumer durable declined due to heavy selling.

However, IT and technology sector firmed up on good buying due to sharp fall in rupee value against the dollar. Healthcare sector also moved up on good enquiries.
Sensex resumed slightly higher at 28,250.78 and firmed up to 28,417.59, but dropped to 27,479.43 due to heavy profit-booking during the first three days of the week.

However, it recovered afterwards to close at 28,067.31, still showing a loss of 169.08 points or 0.60 per cent.
The Sensex had gained by 124.08 points or 0.44 per cent in previous two weeks.
The CNX 50-share Nifty also dropped by 46.05 points or 0.54 per cent to 8,518.55 after moving in a range of 8,621.55 and 8,337.95.

It had gained 43.05 points or 0.51 per cent in the previous two weeks.