Sensex, Nifty Fall For Second Week In A Row: Market Wrap
The Sensex lost 1,021 points (1.73%), the worst day in a week, to close at 58,098.92.
India’s stock benchmarks declined for the second straight week as investors weighed a tighter monetary policy and a slowing global economy.
The Sensex and Nifty 50 gained in the first two sessions of the week before falling in each of the last three sessions, with the decline intensifying towards the end of the week after the U.S. Federal Reserve announced a 75-basis-point rate hike and made hawkish commentary.
On Friday, the Sensex lost 1,021 points or 1.73% to close at 58,098.92. That marked the worst day in the week ended Sept. 23.
Realty, PSU banks, banking, metal stocks declined, while FMCG and pharma rose in the volatile week.
The Nifty 50 shed more than 300 points (1.72%) to end at 17,327.35.
On Friday, 45 of the Nifty 50 stocks fell, while five gained—Divi’s Laboratories Ltd., Sun Pharmaceutical Industries Ltd., Tata Steel Ltd., Cipla Ltd. and ITC Ltd.
Power Grid Corp., Apollo Hospitals Ltd., Hindalco Industries Ltd., Adani Ports & Special Economic Zone Ltd. and State Bank of India were the top losers.
The broader indices underperformed their larger peers. The mid-cap gauge lost 2.3%, while the small-cap index shed 1.9%.
All the 19 sectoral indices compiled by BSE Ltd. declined, with power and utilities falling nearly 3.5%.
The market breadth was skewed in favour of the bears. About 984 stocks rose, 2,494 fell and 109 remained unchanged.