The Indian indices Sensex and Nifty dropped over 1% during the week after a surge last week. Financial markets got hammered amid increasing concerns about global growth derailment, continued Libya fear and Japan quake. Further disappointing macroeconomic data, together with Moody`s downgrade to Spain`s credit rating, posed further threats to market confidence.   However, the bulls chose to ignore the positive domestic economic data like the better than estimated IIP numbers, strong exports and sharp fall in food inflation.

The 30 share index, Sensex plunged 312.36 points, or 1.69% to 18,174.09 in the week ended March 11. On the other hand, the broad based NSE Nifty dropped 93.3 points, or 1.68% to 5,445.45 in the same period.

Mid-cap index declined by 62.84 points, or 0.95% to 6,529.28 in the week. Small-cap index too dipped 99.18 points, or 1.24% to 7,899.81 during the week.

Key losers over the week were BSE Capital goods (3.03%), Metal (2.9%), Bankex (2.02%), Auto (1.7%), Power (1.6%), IT (1.28%), Teck (1.14%), Healthcare (1.07%), PSU (0.64%), Consumer Durable (0.49%) and FMCG (0.48%) during the week. However BSE Realty and Oil & gas gained 1.26% and 0.72% respectively over the week.

Industrial growth for the month of January, 2011 stood at 3.7% compared to 16.8% expansion in the year-ago period, dragged down by the poor performance of the manufacturing sector, particularly capital goods.

Food inflation declined to single digit after nearly 3 months helped by fall in prices of potatoes, pulses and wheat. It fell to 9.52% for the week ended February 26 from 10.39% last week. Meanwhile, primary inflation dropped 13.96% for the week ended February 26 from 14.85% previous week.

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