Sensex, Nifty Log Worst Weekly Losing Streak In Over Two Years

• Yield on the 10-year bond rose 8bps to 7.32%

• The 10-year yield added 10bps to 7.34% during the session.

• For the week, the yield fell 13bps from 7.46% on May 6 amid reports that RBI may step in to cool yields.

Source: Bloomberg

• Rupee rose 0.20% to 77.27 against the dollar, during the session.

• Indian currency reverse gains in the final time to close at 77.45. The Rupee has closed above 77 in all the five sessions this week.

• The fall in Rupee in intraday session is commensurate with the steep decline in equities in the last couple of hours of the session.

Source: Bloomberg

India's stock benchmarks extended decline for the sixth day as well as the fifth week. This is the longest weekly losing streak for Sensex and Nifty in over two years since the run ended April 2020.

All the sectoral indices tumbled in the week., with Nifty Metal and PSU Banks falling the most. Over the last two weeks, the Sensex and Nifty have lost nearly 8%.

On Friday, it was a session of two halves with markets reverses gains with a steep decline in the final two hours.

The Sensex fell 0.26% to 52,793.62. The 30-stock gauge rose to an intraday day high of 53,785.71 before reversing the gains in the final two hours. The Nifty also declined by similar magnitude to close below 15,800.

The broader indices outperformed their larger peers with MidCap gauge gaining 0.8% and SmallCap measure rising 1.3%. Ten of the 19 sectoral indices compiled by BSE Lt. declined with Telecom, Utilities, Metal and Power indices falling over 2%.

The market breadth was skewed in the favour of bulls. About 2,163 stocks advanced, 1,172 declined and 137 remained unchanged.

• Onset of southwest monsoon over Kerala is likely to be on 26 May 2022 with a model error of +/- 3 days.

Source: Skymet