Nifty: Market Watch: Nifty’s worst week in 2 years | The Economic Times Podcast

As fears related to macro environment and central banks’ action continued to haunt investors, Sensex and Nifty ended in the red for the sixth consecutive day. Sensex closed at 51,360.42 while Nifty50 fell below the 15,300 mark.

Logging their worst week in nearly 2 years, Sensex fell around 5.19 per cent, whereas Nifty50 dropped 5.36 per cent in the last 5 days.

All sectoral indices logged losses for the week, with metal, PSU and IT stocks declining the most. All stocks from the Nifty pack post losses, with ONGC, Hindalco, Tech Mahindra, Wipro, IndusInd Bank and Tata Steel falling over 11 per cent for the week. Nifty Bank dropped 5 per cent this week, whereas Nifty Metal fell nearly 9.5 per cent to become the worst-performing sector. Nifty Midcap cracked 6 per cent this week.

Delta Corp jumped 13 per cent after its arm filed for IPO. Titan was the top loser from the Nifty pack, falling over 6 per cent. Wipro, Shree Cement, HDFC Life, and BPCL, also declined by over 3 per cent each. On the other hand, the Bajaj twins advanced around 2.5 per cent, while Coal India, JSW Steel, Reliance, and ITC ended the session with gains.

Mostly sectoral indices traded with a negative bias, and the broader indices too lost nearly a per cent each. Pharma, oil and gas, realty and consumer durables lost over 2 per cent each. Auto and IT too shed over 1 per cent.

Yesha Shah, Head of Equity Research, Samco Securities, said traders should maintain a negative to neutral outlook in the coming week and use any bounce as an exit opportunity.

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