Last week, the 2-week rising trend in the Indian market was broken. The biggest weekly decline in the last 2 months was recorded amid a mixed global market due to selling in all sectors except IT, continuous selling by FIIs, uncertainty over the upcoming interest rate plan of the US Federal Reserve and fall in the rupee. In the week ending January 10, the Sensex closed at 77,378.91 with a decline of 1844.2 points or 2.32 percent. Whereas Nifty closed at the level of 23,431.50 with a decline of 573.25 points or 2.38 percent.
Last week, BSE’s largecap index fell 3.2 percent. Union Bank of India, JSW Energy, REC, Info Edge India, Power Finance Corporation, Shriram Finance, Indian Railway Finance Corporation, Adani Energy Solutions, Zomato, IDBI Bank, The Tata Power Company fell by 10-16 percent.
BSE midcap index fell 5.7 percent. Kalyan Jewelers India, PB Fintech, One 97 Communications (Paytm), Godrej Industries, Go Digit General Insurance, Indian Renewable Energy Development Agency, Godrej Properties, Nippon Life India Asset Management, Bank of Maharashtra, CG Power and Industrial Solutions, Adani Wilmar, A decline of 10-19 percent was seen in SJVN, Bharat Heavy Electricals, Prestige Estates Projects, Suzlon Energy, Torrent Power, Punjab & Sind Bank, Bank Of India, Ashok Leyland.
In the week ending January 10, the BSE Smallcap index saw a decline of 6 percent. Jai Corp, KEC International, Inox Wind, Skipper, Oriental Rail Infrastructure, Garware Hi-Tech Films, Blue Star, PCBL fell by 15-23 percent. Whereas Spandana Sphoorty Financial, PTC Industries, Coffee Day Enterprises, Vijaya Diagnostic Centre, Pokarna saw a growth of 10-19 percent.
If we look at the sectoral front, BSE IT index closed with a gain of 1 percent. Whereas BSE Power Index fell by 9 percent, BSE Realty Index fell by more than 7 percent. While the PSU index closed with a decline of 7 per cent, the BSE Capital Goods and Metal index closed with a decline of 5 per cent.
In terms of market value, the biggest decline was seen in the market cap of HDFC Bank. After that came ITC, State Bank of India, NTPC. On the other hand, there was an increase in the market cap of Tata Consultancy Services, HCL Technologies, Infosy.
FIIs were net sellers in the Indian market in the week ending January 10. Last week, FIIs sold Rs 16,854.25 crore from the Indian market while DII bought Rs 21,682.76 crore.
The rupee remained under pressure against the dollar last week and it reached a new record low of 85.98 in Friday’s session. On January 10, the rupee fell 19 paise and closed at 85.97 against the dollar. Whereas on January 3, the rupee had closed at the level of 85.78.