Indian equity markets faced substantial declines this week, marking the most significant weekly fall in over two years. The Nifty 50 and BSE Sensex indices each dropped over 4%, the steepest declines since June 2022. This downturn led to a loss of approximately ₹17 lakh crore in market capitalization for BSE-listed companies.
Key highlights:
- Sectoral performance: All sectoral indices posted losses, with PSU Bank, PSU, and Metal indices each declining by 6%. The Nifty Bank index slid 5%, and the Midcap index fell nearly 4% over the week.
- Nifty 50 constituents: Out of 50 stocks, 48 ended the week with negative returns. Dr. Reddy’s Laboratories and Cipla were the only gainers. Notable losers included Shriram Finance (-9%), Tata Motors (-8.4%), and JSW Steel (-8.25%).
- Midcap segment: Significant selling pressure was observed, with companies like Angel One, Siemens, Adani Green, LTIMindtree, and Piramal Enterprises among the top losers.
- 52-week lows: Several prominent stocks, including IndusInd Bank, Reliance Industries, and Tata Consumer Products, reached their 52-week lows during the week.
The downturn is attributed to global factors, including the U.S. Federal Reserve’s hawkish outlook, which has dampened investor sentiment and led to foreign fund outflows. Financials and IT sectors were notably impacted, reflecting concerns over future economic conditions.
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