Over the past week of trading, alongside major stock markets around the world, there has been a ruckus in the Indian stock market. Yesterday, Friday, June 17, Indian markets closed lower for the second week in a row. Markets also posted their biggest weekly loss since May 2020. As central banks tightened monetary policy amid global inflation fears, all markets saw declines.
Last week, the BSE Sensex closed at 51,360.42, down 2,943.02 points (5.41%). While the Nifty fell 908.3 points (5.6%) to end at 15,293.5.
On the other hand, the BSE Smallcap Index saw a decline of 6.6% over the past week. Against this backdrop, shares in Sadbhav Engineering, Mastek, KBC Global, Mangalore Refinery and Petrochemicals, Network 18 Media & Investments, Brightcom Group, Aurionpro Solutions, Navkar Corporation and Syncom Formulations were weak. In contrast, shares of Ramco System, Apar Industries and VIP Industries managed to generate double-digit returns. (Disclaimer: Network 18 Media & Investment Ltd. is owned by Independent Media Trust. Its beneficiary company is Reliance Industries.)
The market was shocked by the rise in interest rates, the largest weekly drop in the global market after 2020
The BSE Midcap index lost 5.3% last week. Against this backdrop, shares of RBL Bank, Oil India, JSW Energy, Canara Bank, MphasiS, Aditya Birla Fashion & Retail, Bajaj Holdings & Investment, Jindal Steel & Power, Bharat Heavy Electricals, CRISIL and Vodafone Idea fell 10 to 28%. I understood.
The BSE Largecap Index slipped 5.6% over the past week. In this case, Oil and Natural Gas Corporation, Hindalco Industries, Tech Mahindra, Vedanta, Wipro, Hindustan Petroleum Corporation, IndusInd Bank, Tata Steel, Indian Oil Corporation, SBI Cards & Payment Services and Adani Total Gas etc. dropped to 10-14 percent.
During the week, the market value of all shares of BSE Sensex fell. In this, Tata Consultancy Services suffered a loss of Rs 1 lakh crore. After that, the market value of Reliance Industries, Infosys and HDFC Bank fell the most. (Disclaimer: Network 18 Media & Investment Ltd. is owned by Independent Media Trust. Its beneficiary company is Reliance Industries.)
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The BSE Metal and Oil & Gas indices each lost more than 9%. With this, all sector indices closed in the red. While the BSE Computer Index was down 8%.
The Indian rupee weakened against the US dollar last week. The Indian rupee depreciated 23 paise to close at 78.07 to the dollar on June 17. While it closed on June 10 at 77.84.
Foreign Institutional Investors (FIIs) continued to sell into Indian markets. They sold shares worth Rs 23,273.67 crore. In contrast, Domestic Institutional Investors (DII) bought shares worth Rs 17,226.16 crore. sold shares worth Rs 42,088.63 crore, while DII bought shares worth Rs 30,312.85 crore.
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