Indian stock market dropped to its largest weekly loss in over two years erasing all gains made in the previous four weeks. The benchmark indices closed the week in the red for all trading sessions due to the emerging markets sell-off due to the US Federal Reserve’s decision to be a little conservative on further rate cuts and FII selling.
The BSE Sensex declined 4,091.53 points or 4.98% to settle at 78,041.59 last week and the Nifty50 plunged 1,180.8 points or 4.76% to end at 23,587.50.
The BSE Large-cap Index is below by 5% due to more than 10% fall in Adani Green Energy, LTIMindtree, Siemens and many other companies. The BSE Mid-cap Index was down by over 3%, Piramal Enterprises declined by 8-12%, and Torrent Power and Delhivery plunged by 8-12 %. On the other hand, the BSE Small-cap Index declined 3%, as Sanghi Industries down 12-20%, Jai Corp and Deepak Fertilisers by 13%.
Every sub-index was in the negative territory, with the BSE Power and Metal indices decreasing by an average of 7 %. The BSE Capital Goods index fell by 6 %, and the BSE Telecom index fell by 5.7 %.
Foreign Institutional Investors (FIIs) sold equities to the tune of Rs 15,828.11 crore in the last week, while (DIIs) Domestic Institutional Investors bought stocks of Rs 11,873.92 crore. The Indian rupee was the worst among the Asian emerging currencies which touched a record low of 85.10 against the dollar and finally closed at 85.02 on December 20, whereas touched an 84.79 level on December 13.
