Market falls extend in third week; rupee depreciates
The Indian rupee extended the fall against the US dollar in the second week as the domestic unit fell 35 paise at 86.15 per dollar on July 18 against the July 11 closing of 85.80.
The Indian market continued the correction in the third consecutive week amid heavy foreign institutional selling, tepid corporate earnings from IT and banks, uncertainties in trade agreement with US. However, market ignored above normal monsoon, 77-month low inflation and soft wholesale inflation.
For the week, the BSE Sensex index shed 742.74 points or 0.90 percent to close at 81,757.73, and Nifty50 fell 181.45 points or 0.72 percent to close at 24,968.40.
3/9
The BSE Large-cap Index shed 0.5 percent. Top losers were HCL Technologies, ICICI Lombard General Insurance Company, ICICI Prudential Life Insurance Company, Tech Mahindra, Jio Financial Services, Kotak Mahindra Bank, Interglobe Aviation, ABB India. However, gainers were Varun Beverages, HDFC Asset Management Company, Bosch, Hero MotoCorp, Adani Green Energy.
BSE Mid-cap Index erased previous week losses and ended with a percent gain with Patanjali Foods, Thermax, Piramal Enterprises, Sona BLW Precision Forgings, Gland Pharma, Biocon, Ajanta Pharma, UPL, Godrej Properties gaining between 6-14 percent.
The BSE Small-cap index rose 1.5 percent with LE Travenues Technology (IXIGO), Igarashi Motors, Navkar Corporation, John Cockerill India, Neuland Laboratories, Anand Rathi Wealth, Platinum Industries, Tilaknagar Industries, Sportking India, Allcargo Terminals, Godavari Biorefineries, Ashapura Minechem rising 15-22 percent.
On the sectoral, BSE Bank index fell 1.3 percent, BSE Information Technology index shed 1.2 percent, BSE Capital Goods index shed 1 percent. On the other hand, BSE Realty index added 3.7 percent, BSE Auto index rose 1.7 percent.
During the week, HCL Technologies lost the most in terms of market value, followed by Reliance Industries, Tata Consultancy Services, Kotak Mahindra Bank. On the other hand, State Bank of India, Mahindra and Mahindra, ITC added the most of their market-cap.
The Foreign Institutional Investors (FIIs) continued their selling in third week, as they sold equities worth Rs 6671.57 crore, however, Domestic Institutional Investors (DII) extended their buying in 13th week as they purchased equities worth Rs 9,490.54 crore.
The Indian rupee extended the fall against the US dollar in the second week as the domestic unit fell 35 paise at 86.15 per dollar on July 18 against the July 11 closing of 85.80.
