Sensex falls over 100 pts, Nifty below 22,550 as market heads for 8th weekly loss, overtaking COVID crash. More pain ahead?
Indian equity benchmarks Sensex and Nifty fell for a fourth straight session on Thursday, heading for their eighth consecutive weekly loss. Driven by intense FII outflows and surging US bond yields, the market weakness marks the longest losing streak since 2001, surpassing the seven-week Covid crash.
The Indian stock market experienced further decline on Thursday, with the Sensex falling over 100 points to drop below the 72,350 mark and the Nifty 50 losing more than 50 points to fall below the 22,550 level. This marks the eighth consecutive week of losses, marking the first time since 2001 and surpassing the seven-week loss streak experienced during the COVID crash, according to the source.
Broader markets also suffered, with Nifty Midcap 100 and Nifty Smallcap 100 indices falling by up to 0.7%. Notable losers among the companies were UltraTech Cement, Eternal, and M&M shares, which dropped more than 2%. Sector-wise, Nifty Auto was the top loser, falling more than 2%. However, Nifty Private Bank and Nifty IT gained nearly 1% each.
Market breadth remained bearish, with 2,148 declines against 916 advances, and 121 stocks remaining unchanged. Despite the losses, there is potential for recovery if crude prices decline, as suggested by the analyst VK Vijayakumar from Geojit Investments. Investors are advised to look for high-quality stocks, especially large-caps in growth segments, during this weak phase in the market.
Written by urgent.news from The Economic Times - Top News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
