Indian equity benchmarks ended the week on October 1 with an eighth straight weekly loss. The Nifty 50 fell 2.8%, or 641 points, to 22,421.95, while the Sensex fell 2.3%, or 1,670 points, to 71,909.70. The BSE and NSE were closed on Friday, October 2, for Gandhi Jayanti, so Thursday was the last session of the week.
On Thursday, October 1, the Sensex closed 570.59 points, or 0.79%, lower at 71,909.70, and the Nifty ended 198.50 points, or 0.88%, down at 22,421.95.
Among Nifty 50 stocks, Bajaj Auto lost 10.4% over the week and Max Healthcare lost 10%. Apollo Hospitals fell 8.5%, ONGC fell 7% and Titan fell 6.6%.
The top gainers on the Nifty 50 for the week were Kotak Mahindra Bank, up 3.3%, Axis Bank, up 2.6%, and Infosys, up 2%.
Most sectors ended lower. The Nifty Auto index declined 5%, Capital Markets fell 4.8%, Metals fell 4.5% and FMCG fell 4.3%. IT was the only major gainer, up 0.3%.
According to Upstox’s weekly market wrap, the factors behind the decline included foreign institutional investor outflows of Rs 58,443 crore in September, US Treasury yields reaching a two-decade high of 5.344%, Brent crude rising to about $102 a barrel and tensions in West Asia. The Nifty volatility index, VIX, rose 13.9% over the week.
A week earlier, on September 22, the Sensex had closed at 74,529.08 and the Nifty at 23,329. The Sensex has since fallen about 2,620 points from that close, and the Nifty about 907 points.
Based on the reported point changes, the Nifty had closed a week earlier at about 23,063 and the Sensex at about 73,580. The Sensex tracks 30 large companies listed on the BSE, and the Nifty 50 tracks 50 large companies listed on the NSE.
With October 3 and 4 falling on a weekend, the next trading session for the BSE and NSE is Monday, October 5.
Bombay Stock Exchange building, Mumbai (representative image), Wikimedia Commons, CC BY 2.0
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