Indian equities ended lower for the fourth consecutive week amid heightened volatility, as investors remained concerned over renewed tensions in West Asia, rising crude oil prices, elevated global bond yields and continued FII selling. However, the downside was cushioned by rupee appreciation, persistent DII support, robust GST collections and healthy automobile sales for August.
Key Benchmark Movers
For the week, the BSE Sensex declined 749.08 points, or 0.96%, to 76,515.43, while the Nifty 50 fell 277.95 points, or 1.14%, to 23,897.70.
The Nifty Midcap 100 index fell 1.5% during the week, dragged lower by KEI Industries, Polycab India, Havells India, KPIT Technologies, ICICI Prudential Asset Management Company, Hero MotoCorp, National Aluminium Company, 360 ONE WAM, Laurus Labs, Hitachi Energy India and Tube Investments of India. On the other hand, Lenskart Solutions, LIC Housing Finance, IDFC First Bank and Tata Communications emerged among the key gainers.
The sectoral indices ended on a negative note, with Nifty Auto index slipping 4%, Nifty Consumer Durables index down 2.6%, Nifty Media, Nifty Healthcare, Nifty FMCG shedding 2% each. However, Nifty Oil & Gas added 1%.
Institutional Money Flows
Foreign institutional investors (FIIs) extended their selling for the third consecutive week, albeit at a slower pace, offloading equities worth Rs 5,611.94 crore during the week. Meanwhile, domestic institutional investors (DIIs) continued to provide strong support to the market, investing Rs 23,156.38 crore in equities over the week.
The total market capitalisation of BSE-listed companies declined by Rs 4.5 lakh crore during the week, weighed down by losses in key heavyweights. State Bank of India was the biggest drag on market value, followed by Bharti Airtel, Maruti Suzuki India, Mahindra and Mahindra. On the other hand, Reliance Industries, Tata Steel, Axis Bank emerged as the biggest wealth creators during the week.
The Indian rupee extended the gaining streak on the second week, rising to two-month high during the week. The rupee rose 89 paise against the US dollar to close at Rs 94.49, compared with Rs 95.38 on August 21. During the week, the domestic currency traded in a range of Rs 95.48–Rs 94.27.
Source : Moneycontrol