Market snaps 3-week run, post biggest weekly drop since 2022

Market snapped three-week gaining momentum to record biggest weekly fall since June 2022 amid ongoing geopolitical tensions. The weak domestic data points, Fed's Powell hawkish tone, new SEBI F&O rules also dented the investors’ sentiments in this week.

This week, BSE Sensex declined 3,883.4 points or 4.53 percent to finish at 81,688.45, while the Nifty50 index fell 1,164.35 points or 4.44 percent to end at 25,014.60. It is the biggest weekly fall since June 2022.

BSE Mid-cap Index shed 3.2 percent dragged by Mahindra & Mahindra Financial Services, Godrej Industries, Godrej Properties, TVS Motor Company, Jubilant Foodworks, Vodafone Idea, while gainers were Whirlpool of India, Petronet LNG, Bayer CropScience, APL Apollo Tubes, PB Fintech.

The BSE Large-cap Index shed 4.3 percent with Dabur India, Adani Green Energy, Reliance Industries, Bandhan Bank, DLF, Axis Bank, Hero MotoCorp, Asian Paints, Avenue Supermarts, Bajaj Auto, Bharat Petroleum Corporation, Bajaj Finance falling more than 7 percent.

The BSE Small-cap index fell 2 percent with Kamdhenu Ventures, Optiemus Infracom, Sterling and Wilson Renewable Energy, Edelweiss Financial Services, RITES, NAVA, Phoenix Mills, Linc, Intellect Design Arena, Subros falling 10-41 percent. However, Hercules Hoists, The Anup Engineering, ITD Cementation India, IIFL Securities, RPG Life Sciences, Vijaya Diagnostic Centre, BASF India, Glenmark Life Sciences, V-Mart Retail, CARE Ratings, Shakti Pumps (India), Jaiprakash Power Ventures, RattanIndia Power rising between 10-20 percent.

All the sectoral indices ended in the red with BSE Realty shed 8 percent, BSE Auto index shed 6 percent, BSE Telecom index fell 5 percent, BSE Energy index declined nearly 5 percent.

In terms of the market value, Reliance Industries lost the most, followed by HDFC Bank, Bharti Airtel, ICICI Bank. On the other hand, JSW Steel, Infosys, Tech Mahindra 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.)

Foreign institutional investors (FIIs) sold equities worth Rs 40,511.50 crore, however, Domestic Institutional Investors (DII) bought equities worth Rs 33,074.39 crore.

The Indian rupee extended the weekly losses as it ended 27 paise lower against the US dollar at 83.97 on October 4 against its September 27 closing of 83.70.