Market this week: Indian markets broke up 3 weeks in the Indian markets between continuous foreign institutional investors (FIIs) selling, new American tariffs, high visa charges, falling rupees and weak dollars. This was the reason that the market recorded the biggest decline of the last 6 months on a weekly basis. This week, a market cap of about Rs 16 lakh crore was cleared from BSE listed companies. At the same time, the IT sector, which is facing a steady decline, saw a major decline in Nifty IT on a weekly basis and the Nifty IT fell 8 per cent. However, the continuous purchase of DII showed some support to the market.
The Sensex closed at 80,426.46 with a decline of 2199.77 points, or 2.66 per cent, at 80,426.46 in the week ended September 26. The Nifty closed at 24,654.70 with a decline of 672.35 points, or 2.65 per cent.
Last week, the BSE Smallcap Index fell 4.2 per cent. Shankara Building Products, Apollo Pipes, Sml Isuzu, Mic Electronics, Prudent Corporate Advisory Services, Sigachi Industries, Cigni Industries, Cigniti Technologies, SMS PHARMACEUTICALS, EIMCO ELECON (India), Vishnu Prakash R Pungglia, Iol Chemicals and Pharmaceuticals, Parsvnath Developers saw a decline of 77 percent. Zuari Industries, TVS Electronics, Indo Thai Securities, Om Infra, RACL Geartech, Allcargo Terminals, Automotive Stampings and Assemblys witnessed 20-30 percent.
BSE’s Lajcap index fell 3 per cent in the week ended on 26 August. Tech Mahindra, Waaree Energies, Swiggy, Tata Consultancy Services, Indian Hotels Company, Divis Laboratories, Ltimindtree Lajcap’s top loser.
The BSE’s midcap index closed at 4.5 per cent. Hexaware Technologies, Coforge, Mphasis, Kalyan Jewellers India, Laurus Labs, Persistent Systems showed 10-15 percent pressure.
Last week, the market cap of Tata Consultancy Services saw the biggest decline. After that Reliance Industries, Infosys, HDFC Bank was number. On the other hand, the market cap of Maruti Suzuki India, Larsen & Toubro, Axis Bank saw an increase.(Disclaimer: Network 18 Media and Investment Limited is owned by Independent Media Trust. It is a benefit company Reliance Industries.)
Foreign Institutional Investors (FIIs) remained pure seller throughout the week, continued their selling for the 13th consecutive week and sold equity worth Rs 19,570.03 crore, while domestic institutional investors (DIIs) continued their purchases 24th week and purchased equity worth Rs 17,411.40 crore.
Last week, all Sectoral Index has given negative returns. The Nifty IT index was 8 per cent, the Nifty Realty Index 6 per cent, the Nifty Pharma Index 5.2 per cent, the Nifty Consumer Durable Index 4.6 per cent, the Nifty Defense Index 4.4 per cent.
The Indian rupee closed at a low of 88.71 per dollar by touching the new record low of 88.80 on 26 September, while it closed at 88.10 on 19 September. This week, the rupee fell by 61 paise to trade within the radius of 88.80-88.12.