Stock markets: A roundup of week that was

Benchmark indices posted losses for the second consecutive week amid weak global cues as a fresh outbreak of Covid-19 cases in Europe, Russia and China further dented investor sentiments. For the week ended October 29, Sensex fell 1,514.69 points or 2.49% to settle at 59,306.93 while Nifty declined 443.25 points or 2.45 percent to settle at 17,671.65. The BSE Mid-Cap index dropped 288.92 points or 1.13 percent to settle at 25,277.72 while BSE Small-Cap index lost 353.51 points or 1.25 percent to settle at 27,982.80.

“Despite a flat start to the week, domestic markets lost ground to slip into negative territory tracking dull global cues and mixed corporate earnings. Continuous selling by FIIs during the week fanned investor cautiousness. Global markets turned weak although the European Central Bank decided to keep policy rates unchanged despite the inflationary pressure while slow GDP growth in the US tested investor confidence. Private banks witnessed a fatigue week although the sector witnessed improvement in business along with better asset quality,” said Vinod Nair, Head of Research at Geojit Financial Services.

Rewind

The equity barometers snapped a four-day losing streak and ended with modest gains on October 25. Positive global cues lifted sentiment. The Nifty managed to close above the 18,100 mark after hitting an intraday low of 17,968.50 in morning trade. The barometer index, the S&P BSE Sensex, gained 145.43 points or 0.24 percent at 60,967.05. The Nifty 50 index rose 10.50 points or 0.06 percent at 18,125.40.

The equity benchmarks ended near the day’s high with strong gains on October 26 amid positive global cues. The Nifty ended above the 18,250 mark after hitting an intraday low of 18,099.30 in mid-morning trade. The Sensex, gained 383.21 points or 0.63 percent to 61,350.26. The Nifty 50 index added 143 points or 0.79 percent to close at 18,268.40.

Key equity indices ended lower on October 27 tracking negative global cues. After opening higher, the Nifty 50 index hit the day’s high of 18,342.05 in mid-morning trade. The index lost momentum and slipped into the red in mid-afternoon trade. It hit the day’s low of 18,167.90 in late trade. The barometer index, Sensex fell 206.93 points or 0.34 percent at 61,143.33. The Nifty 50 index was down 57.45 points or 0.31 percent at 18,210.95.

The main indices ended with steep losses on October 28 amid weak global cues. The BSE Sensex slipped below the psychological mark of 60,000 while the Nifty fell below the crucial 18,000 mark. Investors also squared off positions ahead of the monthly F&O expiry. Sensex declined 1,158.63 points or 1.89 percent to 59,984.70 while Nifty fell 353.70 points or 1.94 percent to 17,857.25.

Equity indices extended their losing run to third trading session amid negative global cues on October 29. Nifty closed below the 17,700 mark. The barometer index, the S&P BSE Sensex, fell 677.77 points or 1.13% to 59,306.93. The Nifty 50 index was down 185.60 points or 1.04% to 17,671.65.