BSE Sensex snaps its four-week winning streak

STAFF WRITER 13:0 HRS IST

Mumbai, Jan 23 (PTI) Stocks: The BSE benchmark Sensex snapped its four-week winning streak and dropped by 695 points past week to close below the psychological 17,000 mark on all-round selling pressure following disappointment from key corporate earnings amid a weak trend in the global markets.

Global stocks tumbled after US President Barack Obama on Thursday proposed new restrictions on banks, which would prevent banks or financial institutions (that own banks) from investing in, owning or sponsoring a hedge fund or private equity fund.

Global markets had already recoiled in recent weeks on fears that demand from China would slowdown as Beijing taps the brakes on its roaring growth to stave-off inflation and to keep the economy from overheating.

Also poor show by some of the key corporate houses that announced their Q3 results past week infused selling pressure.