Market snaps two-week gains amid tariff concern, FII selling; rupee at record low

For the week, the BSE Sensex index shed 1,497.2 points or 1.84 percent to close at 79,809.65 and Nifty50 lost 443.25 points or 1.78 percent to end at 24,426.85. However, in the month of August, Sensex fell 1.7 percent and Nifty index was down 1.4 percent.

The BSE Large-cap Index declined 2 percent. Losers were IDBI Bank, Interglobe Aviation, Union Bank of India, Cholamandalam Investment and Finance Company, REC, HDFC Asset Management Company, Mahindra and Mahindra. However, losers included Waaree Energies, Britannia Industries, Hyundai Motor India, Maruti Suzuki India.

BSE Mid-cap Index fell nearly 3 percent dragged by Nippon Life India Asset Management, PB Fintech, Solar Industries India, Emcure Pharmaceuticals, Max Healthcare Institute, Bandhan Bank, Rail Vikas Nigam, CRISIL, Emami, Tata Elxsi, Ajanta Pharma. However, gainers were Ola Electric Mobility, Crompton Greaves Consumer Electrical, Dalmia Bharat, Kansai Nerolac Paints.

The BSE Small-cap index shed 3 percent with Blue Jet Healthcare, Vishnu Prakash R Punglia, Angel One, Sterlite Technologies, Panama Petrochem, Ethos, Shankara Building Products, Shiva Cement, Sai Life Sciences, Nelcast, Technocraft Industries (India), Gokaldas Exports, GOCL Corporation, Faze Three, Ramky Infrastructure falling between 10-13%. On the other hand, Sadhana Nitrochem, Kabra Extrusion Technik, Rattanindia Enterprises, Permanent Magnets, Jindal Poly Films, Timex Group India, Edelweiss Financial Services, Advanced Enzyme Technologies, Apollo Micro Systems, Kolte-Patil Developers, S H Kelkar & Company, Seamec added between 10-21%.

On the sectoral front, Nifty Realty index shed more than 4 percent, Nifty Defence index fell 4 percent, Nifty PSU Bank index shed 3.5 percent, Nifty Oil & Gas index slipped 3 percent. On the other hand, Nifty FMCG index added 0.7 percent.

During the week, Reliance Industries lost the most in terms of market value, followed by HDFC Bank, ICICI Bank, Mahindra and Mahindra. On the other hand, ITC, Maruti Suzuki India, Tata Consultancy Services 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 soles beneficiary.)

The Foreign Institutional Investors (FIIs) extended their selling on 9th consecutive week, as they sold equities worth Rs 21,151.90 crore. On the other hand, Domestic Institutional Investors (DII) continued their buying in 20th consecutive week, as they bought equities worth Rs 28,645.04 crore.

Indian rupee snapped two-week gaining streak, hitting fresh record low of 88.31 against the US dollar. It ended 68 paise lower at 88.20 per dollar on August 29 against the August 22 closing of 87.52. During the week the Indian rupee traded in the range of 87.34-88.31.