Weekly Review: Rising Indo-Pak tension spooks market, Sensex plunges 802 points; FIIs remain net buyers

By: |
October 1, 2016 10:37 AM

Domestic benchmark indices plunged over 2.50 per cent this week as market sentiments were marred by looming pessimism on rising tension between India and Pakistan after the Indian Army conducted surgical strikes across LoC in Pakistan on Wednesday night.

Sectorwise, the BSE Power index, Realty index, Capital Goods and FMCG index dipped by 3.83 per cent, 3.73 per cent, 3.55 per cent, 3.26 per cent and 3.11 per cent, respectively, during the week. (PTI)Sectorwise, the BSE Power index, Realty index, Capital Goods and FMCG index dipped by 3.83 per cent, 3.73 per cent, 3.55 per cent, 3.26 per cent and 3.11 per cent, respectively, during the week. (PTI)

Domestic benchmark indices plunged over 2.50 per cent this week as market sentiments were marred by looming pessimism on rising tension between India and Pakistan after the Indian Army conducted surgical strikes across LoC in Pakistan on Wednesday night. The 30-share Sensex slipped 802.26 points, or 2.80 per cent to 27865.96 for the week ended September 30 from 28668.22 on September 23. On similar lines, the 50-share NSE Nifty index plunged 220.40 points, or 2.50 per cent to 8831.55 from 8611.15 during the same period.

Among the top losers in the Nifty 50 index, Bharat Heavy Electricals Ltd tumbled the most — 7.80 per cent for the week ended September 30, followed by Tech Mahindra (down 7.47 per cent), Adani Ports (down 7.12 per cent), ICICI Bank (down 6.95 per cent) and Cipla (down 5.21 per cent). On the other hand, ZEE Entertainment, Aurobindo Pharma and YES Bank advanced 3.99 per cent, 1.88 per cent and 1.88 per cent, respectively, and stood among top weekly gainers in the Nifty pack.

Sectorwise, the BSE Power index, Realty index, Capital Goods and FMCG index dipped by 3.83 per cent, 3.73 per cent, 3.55 per cent, 3.26 per cent and 3.11 per cent, respectively, during the week. Other sectoral indices all ended the week with losses.

Abnish Kumar Sudhanshu, director and research head, Amrapali Aadya Trading & Investments said, “Week started on the negative trade following the sell-off across markets in Asian and US. However, news of Indian Army conducting surgical strikes across the Line of Control in Pakistan territory spooked the market.”

Foreign institutional investors remained net buyers in the domestic equity markets with gross purchases of Rs 31,921.63 crore and gross sales of Rs 27121.83 crore. Therefore, FIIs net investment stood at Rs 4799.80 crore this week.

Going ahead, benchmark indices are likely to take cues from the RBI policy coupled with other events schedule for the week. Telecom Spectrum Auction, RBI monetary policy along with auto sales numbers are some of the immediate triggers which will give direction of markets in near term. Among the major events, key event to watch would be, Urjit Patel first RBI policy on October 4th.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1CG Power case: SAT asks Sebi to pass final order in 6 months
2What is Rights Entitlement of shares? How investors can benefit or lose money; all you need to know
3TCS, Infosys, IT cos Q4 results preview: Strong revenue growth, hiring pick-up, lower margins