The S&P BSE benchmark Sensex ended higher by 56 points at 19,760.30 despite fag-end selling from operators in the wake of GDP falling to decade’s low and fading rate cut hopes with the RBI governor Subbarao stating that inflation was still way above the comfort level.

Sensex started the week at 19,750.67 but dropped to a low of 19,678.31 (Monday). It shot up to a high of 20,254.03 (Thursday) on buying in select counters on firm global cues.

However, it failed to maintain the momentum and ended the week at 19,760.30 on hawkish comments on inflation from Reserve Bank of India and sharp fall in GDP numbers.

The NSE 50-share Nifty also inched up by 2.40 points, or 0.04 per cent, to finish at 5,985.95.

RBI Governor D Subbarao warned of an upside risk to inflation and high current account deficit and thus denting hopes of a rate cut.

The rally witnessed from April lows was fuelled by hopes of easing interest rates, Amar Ambani, Head of Research, IIFL pointed out. The operators became nervous with RBI not indicating rate cut.

Pulled down by poor performance of farm, manufacturing and mining sectors, economic growth slowed to 4.8 per cent in the January-March quarter and fell to a decade’s low of 5 per cent for the entire 2012-13 fiscal.

Concerns over a weak rupee and subdued trend in the overseas also influenced sentiment in the Indian market.

Metal stocks suffered a setback after the international Monetary Fund cut its growth forecast for China, indicating a weak world economy, analysts said.

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