3 hrs ago
Indian Stocks Log Longest Weekly Losing Run in 25 Years
Indian stock markets had another difficult week.
The Sensex and Nifty both fell on Thursday.
They also fell for the eighth week in a row.
This was their longest losing streak in 25 years.
Foreign investors sold many Indian shares.
Indian institutions bought almost as much, which helped limit the fall.
Higher crude oil prices and rising US interest-rate expectations hurt markets.
Technology stocks gained as the rupee weakened, but several other sectors declined.
Investors are now watching the Reserve Bank of India’s next policy decision.
The Sensex fell 0.79% and the Nifty declined 0.88% on Thursday.
Both benchmark indices recorded their eighth straight weekly decline, their longest losing streak since 2001.
The Sensex dropped 2.69% and the Nifty fell 3.11% during the week.
Foreign portfolio investors sold ₹33,882 crore of shares, while domestic institutions bought ₹33,455 crore.
Investors’ wealth declined by ₹15 lakh crore as BSE-listed companies’ market value fell to ₹467 lakh crore.
- Who
- Indian equity investors, foreign portfolio investors, domestic institutional investors, and Indian market benchmarks Sensex and Nifty.
- What
- Indian benchmark stock indices recorded their eighth consecutive weekly decline, the longest losing streak in 25 years.
- Where
- Indian stock exchanges, including the Bombay Stock Exchange and the National Stock Exchange of India.
- When
- The decline was reported after Thursday’s trading session; markets were scheduled to close on Friday, October 2, for Gandhi Jayanti.
- Why
- Rising crude oil prices, higher US Treasury yields, expectations of further US Federal Reserve tightening, rupee weakness, and foreign selling pressured equities.
Key facts
- Sensex Thursday close
- 71,909.70, down 570.59 points or 0.79%
- Nifty Thursday close
- 22,421.95, down 198.50 points or 0.88%
- Weekly losing streak
- Eight consecutive weeks, the longest since 2001
- Weekly Sensex performance
- Down 2.69%
- Weekly Nifty performance
- Down 3.11%
- Foreign portfolio investor selling
- ₹33,882 crore
- Domestic institutional investor buying
- ₹33,455 crore
- Market capitalization decline
- From ₹481.9 lakh crore to ₹467 lakh crore
Quotes
Vinod Nair
Head of Research at Geojit Investments
“Indian equities had a difficult, holiday-shortened week, with the benchmarks slipping below a key psychological level as a worsening global backdrop overwhelmed domestic support. With crude prices surging and US Treasury yields nearing two-decade highs on expectations of further Fed tightening, the narrowing India-US yield differential weakened the rupee”
financialexpress.com
Sources
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