Mumbai, Jan 10 (IANS): Negative global cues like falling crude oil prices and uncertainty over the future of Greece in the Eurozone led the Indian equities market to fall 429.52 points or 1.54 percent during the week ended Jan 9.

The markets which ended flat on Monday, posted its one of the biggest loss of 855 points or more than three percent due to negative global cues.

Tuesday's fall was one of the biggest since Sep 3, 2013, when the markets fell 651.47 points. The markets losses were on Tuesday were however lesser than the slump of July 6, 2009, when the Sensex dumped 869.65 points.

The Tuesday's downfall came as emerging markets world over tumbled on fears of continued weakness in crude oil prices, which were down to their lowest levels since the last five and a half years.

Speculations over Greece's political turmoil and its aftermath over the country's future within Eurozone too dampened sentiments.

However, Tuesday's fall remained short lived, and the markets moved up sharply on Thursday and Friday on the back of recovery in the crude prices.

All this volatility, led to the benchmark Sensex moving down by 429.52 points or 1.54 percent in the week ended Jan 9 from its previous weekly close on Jan 2. The index closed at 27,458.38 points, while it had ended trade at 27,887.90 points on Jan 2.

"We continue to maintain our view to see continued instability over the next two-three weeks as FIIs' outlook will be dependent on ECB (European Central Bank) meet, Greece exit (from eurozone) and US FED rate decision by month end," said Vinod Nair, head-fundamental research, Geojit BNP Paribas Financial Services.

According to Shrikant Chouhan, head- technical research, Kotak Securities said despite the recovery witnessed in the markets, traders should be cautious, while adding long positions between 8,300 and 8,400 (Nifty).

"We are expecting a quick sell off at 8,190 (Nifty) and it may further dip to 8,100. However, due to strength in technology, FMCG, and Pharma sectors, we are expecting a limited down side for the market. We recommend investing in bluechips between 8,100 and 8,000, while defense related stocks can be bought with a medium term view.”

The FIIs were net sellers in the capital market segment during the week under review due to the global volatility.

For the week ended Jan 9, the FPIs sold stocks in equity markets worth Rs.3,008.43 crore or $474.86 million, according to data with the National Securities Depository Limited (NSDL).

The foreign investors only pumped-in Rs.753.23 crore or $118.89 million in the capital market segment.

The foreign institutional investors (FIIs) along with sub-accounts and qualified foreign investors have been clubbed together by market regulator Securities and Exchange Board of India (SEBI) to create a new investor category called FPIs.