China woes sink markets nearly 5% during week

Mumbai: After consistent upmove over the last three weeks, domestic equities plunged to 19-month lows during the intra-week trade, before the benchmark Sensex and Nifty regained some lost ground to end at 24,934.33 and 7,601.35, respectively.

Indian stock markets joined the global bandwagon fall after China twice suspended trading set-off by 7 percent slide in CSI 300 index triggering circuit breaker, while, a hydrogen bomb test in North Korea sparked fresh geopolitical tension in Korean Peninsula also weighed on the sentiment.

The Chinese central bank allowing yuan’s depreciation, which weakened 0.6 percent against US dollar also spooked the investors further escalated global rout.

The Sensex resumed higher at 26,116.52 and traded between a high of 26,116.52 and low 24,825.70 before ending the week at 24,934.33, showing dip of 1,226.57 points or 4.69 percent. The 30-share gauge had gained 1,116.47 points, or 4.46 per cent, in the previous three weeks.

The NSE 50-share Nifty also slumped by 361.85 points or 4.54 percent to end at 7,601.35. Banking shares were drubbed the most during the week losing 10.69 percent, followed by Auto 6.99 percent, Capital Goods 6.89 percent, Metal 4.33 percent, HealthCare by 3.94 percent.

Foreign portfolio investors (FPIs) sold shares net Rs 3,114.56 crore during the week as per the Sebi’s record including the provisional figure of Jan 8, 2016. Among the 30-share Sensex pack, 28 stocks declined and two stocks rose during the week.

Major losers from the Sensex pack were Tata Motors (12.00 pct), Bhel (10.12 pct), Adani ports (9.70 pct), Maruti (9.05 pct), L&T (8.44 pct), SBI (8.21 pct), Axix Bank (7.99 pct), Lupin (7.20 pct), Hero Motoco (7.18 pct) and ICICI Bank (6.86 pct), while, Gail rose by 0.91 pct followed by Reliance 0.86 pct.

Among the S&P BSP sector and industry indices, Bankex fell by 10.69 pct followed by auto 6.99 pct, capital goods 6.89 pct, metal 4.33 pct, healthcare 3.94 pct, realty 3.78 pct, FMCG 3.74 pct, Tech 2.86 pct, Power 2.42 pct, IT 2.23 pct and oil and gas 0.29 pct. Small-cap and mid-cap indices also declined by 2.42 pct and 2.25 pct, respectively.

The total turnover during the week on the BSE and NSE rose further to Rs 18,182.70 crore and Rs 89,534.28 crore respectively as against the last weekend’s level of Rs 13,281.81 crore and Rs 75,637.11 crore.