Markets ended in red for the second consecutive week as the S&P BSE benchmark Sensex and NSE Nifty fell by two per cent each to 3-week low at 24,673.84 and 7,555.20 in view of profit-booking in tandem with global stocks following uncertainty regarding the quantum and timing of interest rate hikes in the United States.
Fresh foreign capital outflows also affected the market sentiment. FPI and FIIs sold shares net Rs 859.87 crore during the week as per the SEBI’s data including the provisional figure of April 8.
The Sensex resumed higher at 25,333.98 and firmed up to 25,424.15 on Monday ahead of the Reserve Bank of India’s rate cut. However, it dropped to 24,608.51 as key policy rate cut of 0.25 per cent from RBI failed to induce investors before finishing the week at 3-week low at 24,673.84, showing a loss of 595.80 points or 2.36 per cent.
It has dropped by 663.72 or 2.62 per cent in two weeks.
The NSE 50-share Nifty also dropped by 157.85 points or
2.05 per cent to 7,555.20. It has also tumbled by 161.30 points or 2.09 per cent in two weeks.
Meanwhile, private sector manufacturing and services activities surged to a 37-month high in March on new business orders even as job growth remained sluggish, a monthly survey showed.
Foreign investors turned neutral and started selling in small quantities led by muted expectations of fourth quarter results.
Shares of banking, Auto, FMCG, IT, Consumer Durable, Capital Goods, Teck and Realty sectors fell due to heavy selling pressure.
However, the BSE small-cap index rose by 24.62 points or 0.23 pct to settle at 10,664.46, outperforming the Sensex.
Among the S&P, BSE sector and industry indices, Banking fell by 4.07 per cent, Auto 2.35 per cent, FMGC 2.15 per cent, IT 1.85 per cent, Consumer Durables 1.85 per cent, Teck 1.76 per cent, Consumer goods 1.74 per cent, and Realty 1.71 per cent.
While, Healthcare rose by 0.71 per cent followed by Power 0.63 per cent and oil & gas 0.57 per cent.
In the 30-share Sensex pack, 23 stocks declined and the remaining 7 gained during the week.
Among major losers, Adaniport lost (9.80 pc), Maruti (7.91 pc), ICICI Bank (7.21 pc), SBIN (6.44 pc) Axis Bank (6.24 pc), ITC (4.36 pc), Larsen (3.85 pc), HDFC (2.92 pc), Wipro (2.60 pc) Coal India (2.54 pc), Asian Paints (2.13 pc), Tata Motors (1.94 pc), Cipla (1.54 pc), ONGC (1.29 pc), Hero Motoco (1.17 pc), TCS (1.09 pc) and HDFC Bank (0.57 pc).
However, Lupin rose by 5.14 per cent, followed by BHEL 4.75 per cent, M & M 3.23 per cent, Dr Reddy 1.87 per cent, Tata Steel 1.43 per cent and NTPC 1.23 per cent.
The total turnover at BSE and NSE fell to Rs 12,034.70 crore and Rs 73,075.11 crore, respectively, as against the last weekend’s level of Rs 13,792.46 crore and Rs 96,668.10 crore.