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Mumbai, Oct 14: The stock market indices tumbled to one month low as rising inflation in the backdrop of continued foreign institutional investors (FII) selling dragged sentiments down. The 30-share benchmark index, Sensex of BSE posted its biggest weekly drop in six months as investors judged a 20% gain in the previous quarter excessive given concerns about slowing earnings in Asia’s fourth-largest economy.
The Sensex dipped 175.17 points or 2% to close at 8,201.73 points on Friday. The National Stock Exchange (NSE)’s S&P CNX Nifty also shed 53 points at 2,484.40 points. While the Sensex has lost 338 points in two consecutive days it has eroded 6.8 % or 598 points since October 4 when it hit an all-time high at 8,800 points. Investor wealth eroded by a staggering Rs 1,53,690 crore or 6.7% during the period.
The market breadth was overwhelmingly negative, with laggards beating gainers by nearly 8 to 1 in low volume of 180 million shares. Out of 2,508 stocks, 285 advanced while 2,193 slid. Around 30 stocks remained unchanged. FIIs were net sellers on Thursday to the tune of Rs 399.60 crore ($ 91 million). In the month till date, they have sold equities worth Rs 1,038 crore. FIIs have turned net sellers after a gap of four months since May on worries over expensive share valuations.
Friday’s decline came amid concern rising inflation and lending costs could stymie growth.
All the indices dipped on BSE. The BSE PSU plunged by 102.29 points at 4,888.12 and BSE Bankex shed 123.85 points at 4,683.76. Likewise, the BSE Mid Cap shed 91.49 points at 4021.52 and BSE Small Cap lost 159.91 points at 5419.27. Surprisingly, while total trade slid, the value appreciated.
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