Mkt Outlook: Sentiment weak, but rally possible

The Sensex continued to drift lower for the fifth straight week, and, in the process, has shed 14.5% (2,109 points). The index had last posted weekly gains during the week ended February 9 when the Sensex hit its peak at 14,724 and ended at 14,539.

The Sensex started on a positive note for the week ended March 17, and went on to log gains on three of the five trading sessions but the upmove lacked conviction - the index could not hold gains and ended the week with a significant loss of 455 points at 12,430.

The Nifty rallied to a high of 3781 early in the week, and then dropped to a low of 3574 - down 208 points from the high. The index finally ended with a loss of 109 points at 3609.

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