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  Business   Market  08 Sep 2018  Markets snap six week gaining streak, fall 255 points

Markets snap six week gaining streak, fall 255 points

Published : Sep 8, 2018, 1:10 pm IST
Updated : Sep 8, 2018, 1:10 pm IST

The Sensex garnered 2,373.97 points or 6.50 per cent during past six week sessions.

The total turnover during the week on BSE rose to Rs 17,441.08 crs as against last weekend's level of Rs 15,133.55 crores.
 The total turnover during the week on BSE rose to Rs 17,441.08 crs as against last weekend's level of Rs 15,133.55 crores.

Mumbai: The market snapped six- week long winning streak with BSE Sensex lossing 255.25 points to close 38,389.82 and the broader Nifty falling 91.40 points to conclude at 11,589.10.

The week saw the stock market perturbed by continued rupee depreciation marking fresh lows for second straight week weighed on the trading sentiment.


The rupee crashed, breaching 72-level for the week, testing all-time low of 72.11 per dollar amid weakness across emerging market currencies and rising oil prices.

Investors anxiety appended as weakening domestic currency raised concerns over economic as well as earnings growth outlook of the companies, the market suffered intense selling pressure three out-off five trading sessions.

Sentiments for the week also dented by weak global cues, rising crude and slowdown in key manufacturing PMI and Services Activity.

However, the rupee devalue helped the key HealthCare, IT, Teck industries, further the market witnessed value-buying in led by index pivotals during last two-sessions somewhat capping extensive losses.

The BSE Sensex started the week higher 38,915.91 and hovered between a high of 38,934.35 and low of 38,774.42 before ending the week at 38,389.82, showing loss of 255.25 or 0.66 per cent.

(The Sensex garnered 2,373.97 points or 6.50 per cent during past six week sessions). The Nifty also resumed higher by 11,751.80 and moved between high of 11,751.80 and low 11,393.85, the index settled the week at 11,589.10, a loss of 91.40 points, or 0.78 per cent. Selling was led by FMCG, Consumer Durables, Realty, PSUs, Capital Goods, Banks, Power, IPOs, Oil&Gas and Auto sectors.

Gains were led by HealthCare, Metal, IT and Teck counters.

The broader midcap and smallcap companies shares also witnessed substantial selling. 

Meanwhile, foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) bought shares worth Rs 1,916.61 crore during the week, as per Sebi's record including the provisional figure of September 07, 2018.

The BSE Mid-Cap index fell 376.47 points or 2.23 per cent to settle at 16,504.86. The BSE Small-Cap index fell 296.25 points or 1.72 per cent to settle at 16,896.95.

Among sectoral and industry indices, FMCG fell by 4.59 per cent, followed by consumer durables 3.82 per cent, realty 3.05 per cent, PSU 2.61 per cent, capital goods 2.40 per cent, bankex 2.31 per cent, power 1.97 per cent, IPO 1.21 per cent, oil and gas 0.72 per cent and auto 0.05 per cent, while healthcare rose by 2.30 per cent, metal 1.62 per cent, IT 1.49 per cent and teck 0.86 per cent.

Among the 31-share Sensex pack, 19 stocks fell and remaining 12 stocks rose during the week. Hindustan Unilever was the major loser last week.

The stock slumped 7.66 per cent. It was followed by Yes Bank 5.81 per cent, SBI 5.50 per cent, ONGC 4.33 per cent, Maruti 4.01 per cent, Asian Paints 3.92 per cent, Kotak Bank 2.91 per cent, ICICI Bank 2.80 per cent and ITC 2.74 per cent.

Wipro gained by 7.43 per cent after the company announced that it has won a 10-year engagement to provide a comprehensive suite of solutions and services to Lincolnshire, Illinois-based Alight Solutions LLC, a leader in technology-enabled health, wealth, HR and finance solutions. This deal will result in revenues of USD 1.5 to USD 1.6 billion for Wipro over the tenure.

This is Wipro's largest win to date. Bajaj Auto gained by 6.47 per cent after the company said it will shortly enhance its production capacities of 3 wheeler and quadricycles to 1 million per year as the government announces end to permits. It was followed by Tata Motors DVR 4.11 per cent, Tata Motors 3.89 per cent, Reliance 2.88 per cent, Tata Steel 2.88 per cent, Hero Motoco 2.29 per cent, Bharti Artl 1.94 per cent and Sun Pharma 1.84 per cent.

The total turnover during the week on BSE rose to Rs 17,441.08 crs as against last weekend's level of Rs 15,133.55 crores, while NSE fell to 1,80,835.22 crores compared to Rs 1,81,944.41 crores previously. 

Tags: sensex, bse, nse, nifty, stock market
Location: India, Maharashtra, Mumbai (Bombay)