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Sensex and Nifty end eighth losing week
The Indian Express··1 Oct
Sensex fell 570.59 points, or 0.8 percent, to 71,909.70 on Thursday as Nifty 50 closed 0.9 percent lower at 22,421.95. Both benchmarks have finished down for eight straight weeks, the longest streak in 25 years. Markets are shut Friday for Gandhi Jayanti. FIIs sold about $1.1 billion on Wednesday, taking monthly sales near $3.8 billion.
Prism
What It Means For You
- A midday slide wiped about Rs 9 lakh crore in investor wealth in roughly an hour before a partial recovery.
- India VIX rose 7 percent to an over three-month high, signalling higher expected volatility.
- Auto names led losses after September sales missed expectations, with Bajaj Auto down around 8 percent.
What's Happening
- Foreign selling continued as crude traded near $100 a barrel and US Treasury yields stayed elevated.
- Nifty IT rose 2 percent while other sectoral indices finished lower.
- Markets expect the RBI MPC next week to consider a 25 basis point repo hike as inflation concerns grow.
The Selling Pressure Behind the Slide
- FPIs had bought Indian shares for two straight months before the latest outflow stretch.
- Financial services saw the sharpest mid-September outflows at $647 million, NSDL data showed.
- PL Capital’s Vikram Kasat said domestic fundamentals alone may not drive recovery while global liquidity stays tight.
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