Market review: Sensex, Nifty fall for 3rd consecutive week on weak macro data, Q2 earnings

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New Delhi | Published: November 14, 2015 10:07:49 AM

Domestic equity markets fell for the third consecutive week triggered by Bihar election results, disappointing second-quarter earnings, weak macro economic data and selling pressure by foreign institutional investors in a truncated week.

sensex and niftyDomestic equity markets fell for the third consecutive week triggered by Bihar election results, disappointing second-quarter earnings, weak macro economic data and selling pressure by foreign institutional investors in a truncated week. (Photo: PTI)

Domestic equity markets fell for the third consecutive week triggered by Bihar election results, disappointing second-quarter earnings, weak macro economic data and selling pressure by foreign institutional investors in a truncated week.

Stock exchanges were closed on Thursday on account of “Diwali Balipratipada”. On Wednesday, the index had risen by 123.69 points in a brief special Muhurat trading session on the opening day of the Hindu year Samvat 2072.

For the week ended November 13, 2015, benchmark indices BSE Sensex and NSE Nifty plummeted 654.71 points and 192.05 points at 25,610.53 and 7,762.25, respectively.

In the Nifty 50 index, share price of Cairn India slid the most 13.33 per cent during the week, it was followed by ONGC (down 8.65 per cent), Ambuja Cements (down 8.32 per cent), Sun Pharma (down 7.77 per cent) and BHEL (down 7.34 per cent). On the other hand, share price of Bank of Baroda, Axis Bank and Punjab National Bank jumped 4.85 per cent, 4.16 per cent and 3.27 per cent, respectively, during the period.

Barring the BSE Consumer Durables index (up 2.31 per cent) and BSE Auto index (up 0.23 per cent), rest all other sectoral indices on the Bombay Stock Exchange (BSE) ended the week in red. The BSE Realty index, BSE Healthcare index and BSE Oil & Gas index plunged 3.79 per cent, 3.68 per cent and 3.58 per cent, respectively.

Foreign institutional investors have been net sellers of Indian equities for $273.87 million in November so far, data from the exchanges showed.

Dipen Shah, senior vice-president and head of private client group research, Kotak Securities, said, “Markets ended the week on a weak note, largely impacted by the lackluster quarterly results, expectations of a US rate hike and weak IIP numbers. The outcome of Bihar elections also impacted sentiments.”

This week, rupee depreciated around 0.52 per cent at 66.14 on November 13. The currency was at 65.79 on November 6 last week.

In the important announcements of the week, Industrial production growth fell to four-month low of 3.6 per cent in September due to subdued performance by manufacturing and non-durable consumer goods segments. Retail inflation rose for a third straight month and touched 5 per cent in October.

For upcoming trading sessions, Shah said, “All eyes will now be on the Government and the proceedings of the Winter Parliament session, where important legislations are lined up. A probable US rate hike will also hold market’s interest but 25 bps hike seems to be partly discounted.”

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