4 hrs ago
Indian markets log longest weekly losing streak in 25 years
Indian share prices fell again on Thursday.
Two major market measures, the Sensex and Nifty 50, both lost about 1%.
They have now fallen for eight weeks in a row.
This is the longest such losing streak in 25 years.
Foreign investors have been taking money out of Indian stocks.
Expensive oil and high interest rates in the United States made Indian investments less attractive.
Car companies also fell because September sales were weaker than expected.
Information technology companies were one of the few groups that gained.
Markets will be closed on Friday for Gandhi Jayanti.
Sensex fell 0.8% to 71,909.70, while Nifty 50 declined 0.9% to 22,421.95 on Thursday.
The benchmark indices ended lower for an eighth consecutive week, their longest losing streak in 25 years.
Foreign investors sold about $1.1 billion in Indian shares on Wednesday, bringing monthly outflows to roughly $3.8 billion.
Automobile stocks led declines after September sales missed expectations, while the information technology sector gained 2%.
Elevated crude prices, high bond yields, a weak rupee, possible rate hikes and West Asia tensions pressured sentiment.
- Who
- Indian stock-market investors, foreign institutional investors, automobile companies and information technology companies were involved.
- What
- India’s benchmark stock indices fell about 1% and recorded an eighth consecutive weekly decline.
- Where
- Indian stock exchanges, including the BSE and the Nifty 50 market.
- When
- The fall occurred on Thursday; markets were scheduled to remain closed on Friday for Gandhi Jayanti.
- Why
- Foreign fund withdrawals, elevated crude oil prices, high bond yields, a weak currency, disappointing auto sales and West Asia tensions weighed on sentiment.
Key facts
- Sensex close
- 71,909.70, down 570.59 points or 0.8%
- Nifty 50 close
- 22,421.95, down 0.9%
- Losing streak
- Eight consecutive weekly declines, the longest in 25 years
- Foreign selling
- About $1.1 billion sold on Wednesday; approximately $3.8 billion sold during the month
- Market volatility
- India VIX rose 7% to an over three-month high
- Sector performance
- Nifty IT gained 2%, while most other sectors ended lower
- Market closure
- Indian markets were closed on Friday for Gandhi Jayanti
Quotes
Vikram Kasat
Chief Business Officer for advisory and dealing at PL Capital
“The key takeaway for October is that domestic fundamentals alone may not be sufficient to drive a sustained recovery while global liquidity remains tight.”
indianexpress.com
Sources
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