Market posts longest weekly losing streak since August 2023; all sectors in the red
On the sectoral front, Nifty Media, Metal, Realty shed 7 percent each, Nifty Oil & gas index fell more than 6 percent, Nifty PSU Bank index declined nearly 6 percent and Nifty Auto index slipped more than 5 percent.
The market fall continued in the fourth straight week ended October 25, marking the longest losing streak since August 2023. The losses come amid heavy FII outflows due to China's stimulus measures, muted Q2 earning season and rising Middle East tensions.
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This week, BSE Sensex shed 1,822.46 points or 2.24 percent to finish at 79,402.29, while the Nifty50 index fell 673.25 points or 2.70 percent to close at 24,180.80. For October, both benchmarks shed 6 percent each.
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The BSE Small-cap index shed 7.3 percent with PNC Infratech, Huhtamaki India, Chennai Petroleum Corporation, KPIT Technologies, Bliss GVS Pharma, RBL Bank, Poonawalla Fincorp, Gravita India, and IIFL Securities falling between 20 percent and 32 percent. On the other hand, Timex Group India, CARE Ratings, Amber Enterprises India, Deepak Fertilisers, and City Union Bank added 10-15 percent.
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BSE Mid-cap Index plunged 5.2 percent with L&T Finance, Supreme Industries, Vodafone Idea, Rajesh Exports, Bharat Heavy Electricals, Hindustan Petroleum Corporation, Steel Authority of India, SJVN, Gujarat Fluorochemicals, AU Small Finance Bank, Indian Renewable Energy Development Agency, and Aditya Birla Fashion & Retail falling 10-15 percent.
The BSE Large-cap Index shed 3.2 percent with IndusInd Bank, ABB India, Siemens, Indus Towers, Bandhan Bank, Adani Energy Solutions, Indian Oil Corporation, DLF, Tata Consumer Products, Bharat Petroleum Corporation, Adani Enterprises falling 10-22 percent.
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On the sectoral front, Nifty Media, Metal, Realty shed 7 percent each, Nifty Oil & gas index fell more than 6 percent, Nifty PSU Bank index declined nearly 6 percent and Nifty Auto index slipped more than 5 percent.
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In terms of market value, Hindustan Unilever lost the most, followed by Reliance Industries, State Bank of India, and Larsen & Toubro. On the other hand, HDFC Bank, Tech Mahindra, Bajaj Finance added the most of their market-cap. (Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)
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Foreign Institutional Investors (FIIs) continued pulling out funds from the Indian markets during the week, as they sold equities worth Rs 20,024.27 crore. However, it was compensated by Domestic Institutional Investors (DII) as they purchased equities worth Rs 22,914.63 crore. In the month till now, the FIIs sold equities more than Rs 1 lakh crore, while DIIs purchased equities worth Rs 97,090.83 crore.
