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Last Updated : Mar 21, 2020 01:27 PM IST | Source: Moneycontrol.com

Week in 5 charts | Market tumbles for 5th consecutive week; Rupee hits record low

Fitch Ratings on March 20 cut India's growth forecast to 5.1 percent for FY 2020-21, saying the coronavirus outbreak is likely to hit business investment and exports.


The market remained under bears control as it reported losses for the fifth consecutive week as investors continued with profit booking amid global coronavirus (COVID-19) pandemic.

The market ended lower for the first four days of the week, while some buying was seen in the last session on March 20, meanwhile, both the benchmark indices posted their biggest weekly losses.

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In India, over 200 infections and five COVID-19 related deaths have been reported till March 20. Worldwide, over 9,000 deaths have been registered so far.

On the economic front, February WPI Inflation cooled-off at 2.26 percent on the back of cheaper foods and vegetables against 3.1 percent in January 2020. However, the core WPI inflation stood at -0.5 percent versus -0.9 percent, month-on-month (MoM).

Fitch Ratings on March 20 cut India's growth forecast to 5.1 percent for FY21, saying the pandemic is likely to hit business investment and exports. Fitch in December 2019 projected India's growth at 5.6 percent for FY21 and 6.5 percent in the following year.

"Despite Fitch Ratings halving 2020 global growth forecast to 1.3 percent from 2.5 percent, the fact that PBOC kept its benchmark rates steady gave some hopes to markets that situation in China is fast returning to normalcy," said Deepak Jasani, Head Retail Research, HDFC Securities.

Benchmark indices posted their biggest weekly losses in the percentage term, with the Sensex falling 4,187.52 points (12.27 percent) at 29,915.96, while the Nifty50 shed 1,209.75 points (12.15 percent) to end at 8,745.45 levels.

The BSE Small-cap, Mid-cap and Large-cap indices tumbled 14 percent, 11.85 percent and 12 percent, respectively.

This week, domestic institutional investors (DIIs) bought equities worth of Rs 16,471.77 crore, while foreign institutional investors (FIIs) sold equities worth Rs 20,908.85 crore.

FIIs have remained sellers from the past 19 sessions as they sold equities worth Rs 62,611.82 crore. On the other hand, DIIs bought equities worth Rs 60,146.77 crore.

In March so far, FIIs have sold equities worth Rs 51,243.15 crore, while DIIs bought equities worth Rs 44,160.95 crore.

The Rupee ended 133 paise lower at 75.24 on March 20 against its March 13 closing of 73.91. However, it has touched a record low of 75.31 on March 19.

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On the BSE, HDFC Bank lost the most in terms of market value, followed by ICICI Bank and Bajaj Finance this week.

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The Nifty Realty index underperformed sectoral indices with a loss of over 16 percent during the week.

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Disclaimer: Reliance Industries is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments.

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First Published on Mar 21, 2020 01:17 pm
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