Indian market loses over 2% ahead of US Presidential Election
On the sectoral front, Nifty PSU Bank Index fell the most dropping more than 4.5 percent followed by Nifty Auto (down 4 percent), Nifty Metal (down 4 percent). Meanwhile, the Nifty Energy index ended up 0.5 percent.
Oct 31, 2020 / 09:26 AM IST
The Indian market remained under pressure throughout the week and lost over 2 percent amid weak global cues. The upcoming US Presidential Election, rising COVID-19 cases Europe and the US and lack of fiscal stimulus kept the investors on the edge. F&O expiry and earnings from India Inc also spurred volatility during the week
This week, BSE Sensex shed 1,071.43 points or 2.6 percent to close at 39,614.07, while the Nifty50 lost 287.95 points or 2.41 percent to end at 11,642.40 levels.
BSE Smallcap index shed 1.6 percent. GE Power India, Sonata Software, Himatsingka Seide, Globus Spirits, Indiabulls Integrated Services, Jaiprakash Power Ventures, Indo Count Industries fell more than 12 percent. On the other hand, HBL Power Systems, Carborundum Universal, OnMobile Global, Gati, Blue Dart Express and Gufic Biosciences rose more than 13 percent.
BSE Midcap index was down 0.48 percent. Federal Bank, M&M Financial Services, Bharat Forge and Future Retail were among major losers, while gainers included Adani Green Energy, Cholamandalam Investment, Adani Enterprises and CRISIL.
The BSE Largecap index fell 2.4 percent dragged by the Hindustan Zinc, Hero Motocorp, Vedanta, Lupin and DLF, while support came from Kotak Mahindra Bank, Nestle India, Avenue Supermarts, Shree Cements and Ambuja Cements.
On BSE Sensex, Kotak Mahindra Bank added the most in terms of market value, followed by Nestle and Asian Paints, while Reliance Industries, HDFC Bank and Infosys lost the most in terms of market valuation. (Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media.)
On the sectoral front, Nifty PSU Bank Index fell the most dropping more than 4.5 percent followed by Nifty Auto (down 4 percent), Nifty Metal (down 4 percent). Meanwhile, Nifty Energy index ended up 0.5 percent.
During the week, foreign institutional investors (FIIs) bought equities worth Rs 972.66 crore, while domestic institutional investors (DIIs) sold equities worth of Rs 2,170.78 crore. However, in October FIIs bought equities worth of 14,537.40 crore and DIIs sold equities worth Rs 17,318.44 crore. On the weekly basis, the Indian rupee lost 51 paise against the US dollar. It closed at 74.11 per dollar on October 29, against its October 23 closing of 73.60 per dollar.