Sensex extends losses to 6th session; investors lose Rs 6.8 lakh crore this week

The 30-share BSE benchmark Sensex declined 142 points or 0.24% to settle at 59,463. The broader NSE Nifty dropped 46 points or 0.26% to end at 17,465. Meanwhile, the market capitalisation of all listed companies on the BSE declined by Rs 6.8 lakh crore to Rs 260.07 lakh crore this week.

From the Sensex pack, M&M, Tata Steel, Tata Motors, Maruti and L&T were the top laggards, falling about 1-2.5%. On the other hand, Asian Paints, Bajaj Finserv, Reliance, Power Grid and NTPC ended with gains.

Shares of SpiceJet ended with over 12% gains after its Q3 net profit jumped more than double to Rs 110 crore.

Adani stocks continued to be under selling pressure with 8 out of 10 counters in the red zone. Adani Green Energy, Adani Power, Adani Total Gas, and Adani Transmission ended with a 5% lower circuit.

Sector-wise, Nifty Metal fell 3% and Nifty PSU Bank declined 88%. Nifty IT and Nifty Auto also closed lower. In the broader market, Nifty Midcap50 dropped 0.35%, while Smallcap50 ended flat.

“The domestic market is broadly demonstrating a lack of confidence, registering its sixth consecutive day of losses despite global markets turning green. Continued selling in the domestic market by FIIs is acting as an overhang in sustaining the early gains,” said Vinod Nair, Head of Research at Geojit Financial Services.Global Markets
Asian share markets were dragged lower by the slide in Chinese stocks on Friday, though investors took heart from the incoming head of Japan’s central bank ruling out an early end to super-easy monetary policy, nudging bond yields lower globally.

The Nikkei share index was up 1.1%. China’s Shanghai Composite fell 0.62%, and South Korea’s Kospi dropped 0.63%. Hong Kong’s Hang Seng declined 1.68%.

UK shares rose on Friday as energy giants took an early lead supported by higher oil prices, but the stock market was set for a weekly decline. The blue-chip FTSE 100 gained 0.3%, but the index was set to post about 1% drop for the week.

Crude Price
Oil prices extended gains for a second straight session on Friday as the prospect of lower exports from Russia offset rising inventories in the United States and concerns over global economic activity.

Brent crude futures rose 1.28% to $83.26 per barrel. West Texas Intermediate crude futures (WTI) rose 1.26% to $76.34.

Rupee weakens
The rupee was largely flat on Friday and for the week versus the dollar, having avoided the decline in other Asian currencies due to a likely intervention by the country’s central bank.

The rupee was little changed at 82.75 per dollar, and was slightly up from last Friday’s 82.83.

(With inputs from agencies)