Markets record steepest weekly fall since May 2020: TCS market capital suffers biggest dent
For the week, the Sensex shed 2,943.02 points (5.41 percent) to close at 51,360.42, while the Nifty declined 908.3 points (5.6 percent) to end at 15,293.5
Indian markets ended lower for the second consecutive week on June 17 and also posted their biggest weekly loss since May 2020 as global inflation worries lead to monetary policy tightening by central banks.
For the week, BSE Sensex shed 2,943.02 points (5.41 percent) to close at 51,360.42, while the Nifty fell 908.3 points (5.6 percent) to end at 15,293.5.
The BSE smallcap index shed 6.6 percent during the week, dragged by Sadbhav Engineering, Mastek, KBC Global, Mangalore Refinery and Petrochemicals, Network 18 Media & Investments, Brightcom Group, Aurionpro Solutions, Navkar Corporation and Syncom Formulations. Ramco System, Apar Industries and VIP Industries were the only three stocks that posted double-digit returns. (Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)
The BSE midcap index slipped 5.3 percent with RBL Bank, Oil India, JSW Energy, Canara Bank, MphasiS, Aditya Birla Fashion & Retail, Bajaj Holdings & Investment, Jindal Steel & Power, Bharat Heavy Electricals, CRISIL and Vodafone Idea slipping 10-28 percent.
The BSE largecap index declined 5.6 percent, with Oil and Natural Gas Corporation, Hindalco Industries, Tech Mahindra, Vedanta, Wipro, Hindustan Petroleum Corporation, IndusInd Bank, Tata Steel, Indian Oil Corporation, SBI Cards & Payment Services and Adani Total Gas falling 10-14 percent.
All BSE Sensex stocks saw their market value decline during the week, with Tata Consultancy Services losing Rs 1 lakh crore followed by Reliance Industries, Infosys and HDFC Bank. (Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)
All sectoral indices ended in the red, with BSE metal and oil & gas indices shedding over 9 percent each, while the BSE information technology index was down 8 percent.
The Indian rupee ended lower against the US dollar. The Indian currency closed 23 paise down at 78.07 per dollar on June 17 against its June 10 closing of 77.84.
Foreign institutional investors (FIIs) continued selling, as they offloaded equities worth Rs 23,273.67 crore, while domestic institutional investors (DIIs) bought shares worth Rs 17,226.16 crore. FIIs have sold equities worth Rs 42,088.63 crore in June, so far, even as DIIs bought shares worth Rs 30,312.85 crore.
