The Indian market closed the week ended October 4, 2019 on a negative note, marking the worst week in nearly five months. The rally that started 3-week back on continuous announcement of reform measures by the FM had come to a grinding halt. The BSE Sensex declined 2.96% for the week to end at 37,673.31 while the NSE Nifty 50 declined 2.93% to end the week at 11,174.75. Friday marked the worst loss for the index amongst all five days, as the investors continued to remain risk averse despite RBI’s 25-basis-point repo rate cut. Weakening global sentiment amidst fear of global slowdown and trade war further soured investors’ sentiment.
Among sectoral indices, 10 out of the 11 sectoral indices ended in red for the week, led by Nifty PSU Bank Index’s 8.5% loss. Nifty IT Index was the only index which stood tall amidst broad-based selling, by gaining 0.7% for the week.
The broader markets also participated in the bloodbath, as the Nifty 500 Index ended 3.2% lower for the week, led by declines in companies like Indiabulls Housing Finance (-37.1%), Indiabulls Ventures (-28.2%) and DHFL (-26.2%), while Adani Green Energy, Info Edge and BPCL bucked the trend by gaining 13.6%, 10.7% and 9.7% for the week.