Mumbai: Cutting their six-session gaining string, both Sensex and Nifty ended down by nearly 464 points and 153 points, respectively as the week saw market swaying on a host of negative factors.
In the midst of Supreme Court verdict on coal block allocations, sustained FII selling, weak global cues and even deferment of decision on gas price mainly weighed on market sentiment.
Onset of the week saw the bourses strongly rebounding, sidelining global weakness amid buying in bluechip stocks.
But, continued FII selling, concerns over global growth after data showing Eurozone's private sector activity slowing down and China showed factory employment slumped to 5-1/2 year low led the benchmark to 2-1/2 month low, eroding investor wealth by Rs 1.6 trillion on Tuesday.
The market witnessed further selling after Supreme Court cancelled the allocation of 214 coal blocks out of 218.
Selling pressure also mounted as the government once again deferred decision on hike in gas price and caution ahead of derivative expiry of September series.
The volatile market was finally calmed by credit rating agency Standard & Poor's (S&P) revision in country's outlook to stable from negative on political ability to push growth and reforms.
The benchmark S&P BSE Sensex resumed lower and traded in a wide range between 27,256.87 and 26,220.49 before ending the week at 26,626.32, showing loss of 464.10 points or 1.71 percent.
On September 23, it had plunged 431.05 points, or 1.58 percent, registering biggest fall since July 8, 2014 when it had stumbled by 517.97 points or 1.98 percent.
The NSE 50-share Nifty also moved in a range of 8,159.90 and 7,841.80 before closing sharply down by 152.60 points, or 1.88 percent, at 7,968.85.
FPIs/FIIs, the main market drivers, sold shares worth Rs 3,124.21 crore during the week, including provisional figure of September 26.
Meanwhile, Asian Development Bank (ADB) revised country's GDP upwards to 6.3 percent in 2015 as economy shows a new promise of turnaround.
Jignesh Chaudhary, Head Of Research, Veracity Broking Services said, "The Indian equity markets observed huge correction during the week as there was profit-booking. In spite of a huge move taken by the Government in which the Prime Minister initiated 'MAKE IN INDIA' to encourage the industrial output of the country."
"The markets then also stayed in red in mid-week and recovered on last day when S&P revised India's credit outlook to stable from negative so the markets reacted positively on the same.
"The much-awaited US visit of the Prime Minister is also scheduled in the coming week so that also would be affecting the markets. The economic calendar would be active in the coming week for Indian & US economy both as there are many important data releases which are scheduled, including RBI's monetary policy review," he added.
