Market snaps 5-week gaining streak; IT worst hit, PSU banks gain
On the sectoral front, the Nifty Information Technology index shed 4.5 percent, the Nifty Pharma lost 1.7 percent and the Nifty Healthcare index fell 1 percent. On the other hand, the Nifty PSU Bank index added 4.4 percent
Indian equity market snapped a five-week gaining streak and lost little over 1 percent on the back of mixed global cues. After starting the week on negative note, the market saw rangebound movement for the rest of the week as investors await Federal Reserve’s Chairman speech in Jackson Hole. For the week, the BSE Sensex shed 812.28 points (1.32 percent) to end at 58,833.87, while the Nifty50 fell 199.55 points (1.12 percent) to close at 17558.9 levels. However, in this month till now, Sensex and Nifty gained over 2 percent each. The BSE Large-cap Index shed 1 percent, dragged by Hindustan Petroleum Corporation, PB Fintech, Berger Paints India, Lupin, Tata Consultancy Services and Infosys. However, gainers were Punjab National Bank, Bank Of Baroda, NMDC, Coal India and Star Health & Allied Insurance Company.
The BSE Small-cap index gained nearly 1 percent supported by the Medicamen Biotech, Surya Roshni, Seamec, Indostar Capital Finance, Anant Raj, Kingfa Science & Technology, HPL Electric & Power, Reliance Communications, Texmaco Rail and Engineering, Uflex, Lumax Auto Technologies and Shivalik Rasayan. On the other hand, Tata Teleservices (Maharashtra), PNB Gilts, Hatsun Agro Products, Centrum Capital, Forbes Gokak and Patel Engineering Company lost between 8-11 percent.
BSE Mid-cap Index added 0.6 percent led by RBL Bank, IDBI Bank, ABB India, New India Assurance Company and IDFC First Bank. However, losers included Mphasis, Adani Power, Balkrishna Industries, Procter and Gamble Hygiene and Health Care and Natco Pharma.
Among BSE Sensex, Tata Consultancy Services lost most in terms of market cap followed by Infosys, HDFC Bank and Asian Paints. On the other hand, Titan Company, NTPC and Kotak Mahindra Bank added most of their market cap. Foreign institutional investors (FIIs) bought Rs 450.36 crore of equities, while domestic institutional investors (DIIs) sold equities worth of Rs 503.32 crore in the last week. In the month of August till now, FIIs bought equities worth Rs 18,420.9 crore, and DIIs sold equities worth Rs 6,555.99 crore.
On the sectoral front, Nifty Information Technology index shed 4.5 percent, Nifty Pharma lost 1.7 percent and Nifty Healthcare index fell 1 percent. On the other hand, Nifty PSU Bank index added 4.4 percent.
In this week, Indian rupee fell 9 paise to end at 79.87 per dollar on August 26 against its August 19 closing of 79.78.