Market snaps 4-week gaining streak; rupee near record low

The Indian equity indices ended the volatile (last) week of October on a negative note and snapped 4-week losing streak amid mixed corporate earnings, hawkish tone of the Fed post inline rate cut, reports of a potential hike in FDI limit in public sector banks, FII selling and ongoing US-China trade development.

For the week, BSE Sensex index shed 273.17 points or 0.32 percent to end at 83,938.71 and Nifty50 declined 155.75 points or 0.60 percent to close at 25,722.10.

The BSE Large-cap Index ended on a flat note. Gainers included Adani Green Energy, Indian Oil Corporation, IDBI Bank, Canara Bank, Bharat Petroleum Corporation, Hyundai Motor India, while losers were Vodafone Idea, Dr Reddy's Laboratories, Bajaj Holdings & Investment, Adani Power, SBI Cards & Payment Services, Cipla, SRF.

BSE Mid-cap Index added 1 percent supported by Bharat Heavy Electricals, Suzlon Energy, Hindustan Petroleum Corporation, Inventurus Knowledge Solutions, UPL, Aditya Birla Capital, PB Fintech, Steel Authority of India. However, losers were 360 ONE WAM, Bandhan Bank, Jindal Stainless, Vedant Fashions, Motilal Oswal Financial Services, Nippon Life India Asset Management, Hexaware Technologies.

The BSE Small-cap index rose 0.7 percent with Lancer Containers Lines, Chennai Petroleum Corporation, Hatsun Agro Products, Spectrum Electrical Industries, Blue Cloud, Softech Solutions, Mufin Green Finance, Five-Star Business Finance, TD Power Systems rising between 20-54 percent, while Khaitan Chemicals and Fertilizers, LE Travenues Technology (IXIGO), Stallion India Fluorochemicals, Cohance Lifesciences, Sadhana Nitrochem, JITF Infralogistics, Fino Payments Bank, Quadrant Future Tek, Dynamic Cables, Nalwa Sons Investment, GFL shed between 10-19 percent.

On the sectoral front, Nifty PSU Bank index rose 4.7%, Nifty Oil & Gas index gained 3%, Nifty Metal index rose 2.5%, Nifty Energy index rose 1.8%. On the other hand, Nifty Healthcare, Auto, Private Bank indices down 1% each.

During the week, Reliance Industries added the most in terms of market value, followed by Tata Consultancy Services, Infosys and State Bank of India. On the other hand, ICICI Bank, Hindustan Unilever, Eternal, lost 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 soles beneficiary.)

The Domestic Institutional Investors (DII) continued their buying on 28th week, as they bought equities worth Rs 18,804.26 crore, while the Foreign Institutional Investors' (FIIs) sold equities worth Rs 2102 crore.

The Indian rupee erased previous week gains and ended near record low at 88.77 per dollar on October 24, down 91 paise against the October 24 closing of 87.85. During the week, the Indian rupee traded in the range of 87.85-88.78.