investors suffered losses ₹India’s key stock market indices, Nifty 50 and BSE Sensex, closed this week with losses due to heavy selling and the rupee slipping to a record low against the US dollar, wiping out Rs 16 lakh crore in market value. On Friday, the rupee reached 92 per dollar and then recovered slightly and closed at 91.90 against the American currency.
Although the markets opened with gains, selling pressure increased due to sharp fall in major stocks including Adani Group shares. Traders told news agency PTI that the shift towards safe-haven assets and the lack of strong local triggers as well as continued outflow of foreign funds have hit investor confidence.
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Sensex, Nifty struggling to reach highs
The 30-share BSE Sensex fell 769.67 points or 0.94 per cent to close at 81,537.70. The index fell 835.55 points, or 1.01 percent, to a low of 81,471.82 during trading.
On the BSE, 2,989 shares closed lower, while 1,229 shares were higher and 143 shares closed unchanged.
Meanwhile, the 50-share NSE Nifty slipped 241.25 points or 0.95 per cent to close at 25,048.65. In the day’s session, it fell 264.6 points or 1.04 percent to a low of 25,025.30.
The BSE Sensex fell 2,032.65 points or 2.43 per cent during the week. The broader NSE Nifty also fell by 645.7 points or 2.51 per cent.
The total market value of BSE listed companies declined on Friday ₹Rs 6,95,963.98 crore ₹₹4,51,56,045.07 crore ($4.93 trillion).
During the week, market valuations of BSE-listed companies declined ₹16,28,561.85 crore.
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Which companies recorded the biggest losses?
Among the 30 Sensex stocks, Adani Ports, Eternal, Indigo, Axis Bank, Bajaj Finserv, Power Grid, Bharat Electronics Limited, State Bank of India, Maruti Suzuki India, Bajaj Finance, NTPC, Trent, Larsen & Toubro and Reliance Industries were the biggest losers.
Realty and PSU bank stocks fell due to delays related to project execution and profit booking, while Adani Group shares faced pressure after reports of a possible summons by the US regulator, Vinod Nair, head of research at Geojit Investments Ltd, told PTI.
The summons led to a selloff in Adani Group shares. The group’s main company, Adani Enterprises, became the biggest percentage loser on the Nifty 50, falling 10.65 per cent. ₹at 1,864.20, while the benchmark index ended 0.95 per cent lower, an earlier HT report said. Overall, Adani Group companies lost about $12.5 billion in market value during the session.
Meanwhile, Tech Mahindra, Hindustan Unilever, Infosys, Asian Paints, Tata Consultancy Services, Titan and UltraTech Cement were among the gainers.
Notably, all the sectoral indices closed in the red. Services declined the most by 4.20 per cent, followed by Utilities by 3.52 per cent, Realty by 3.35 per cent, Power by 2.81 per cent, PSU Bank by 2.37 per cent, Capital Goods by 2.09 per cent, Industrials by 1.69 per cent and Bankex by 1.44 per cent.
Gold and silver prices hit fresh lifetime highs in futures trade on Friday tracking strong gains in global markets due to weakening of the US dollar and rising expectations of interest rate cuts by the Federal Reserve.
On Thursday, the 30-share BSE Sensex closed 397.74 points higher at 82,307.37, while the broader NSE Nifty closed 132.40 points higher at 25,289.90.
with inputs from agencies