Bears rule D-Street as losses extend in fourth week; rupee weakens to 83

Indian equity market witnessed extended selling in the fourth consecutive week ended August 18 amid weak global cues including concerns over higher interest rates, Chinese slowdown, rising inflation, weakening currency and higher bond yields encourage investors to exit from the equity markets.

In this week, BSE Sensex shed 0.57 percent or 373.99 points to end at 64,948.66, and Nifty50 fell 0.60 percent or 118.1 points to close at 19,310.20.

The BSE Large-cap Index declined 0.7 percent with FSN E-Commerce Ventures (Nykaa), Indus Towers, Info Edge India, Hindalco Industries, Marico, Zomato and JSW Steel falling 4-9 percent.

BSE Mid-cap Index shed 0.5 percent dragged by Jindal Steel & Power, Muthoot Finance, Steel Authority of India, Vodafone Idea, Nuvoco Vistas Corporation, ABB India, IDBI Bank and Gland Pharma. Gianers included, Supreme Industries, CG Power and Industrial Solutions, JSW Energy, Adani Power, Bank Of India, REC, Max Financial Services and Rajesh Exports.

The BSE Small-cap index ended on a flat note. Hindustan Oil Exploration Company, Rico Auto, Sree Rayalaseema Hi Strength, Lloyds Steels Industries, Universal Cables, GE Power India, Pix Transmissions and Globus Spirits lost 12-32 percent. However, DB Realty, Cochin Shipyard, BF Utilities, Garden Reach Shipbuilders & Engineers, Digispice Technologies, Technocraft Industries (India), Ddev Plastiks Industries, Balaji Telefilms, Johnson Controls -Hitachi Air Conditioning India added 21-42 percent.

Among BSE Sensex, Tata Consultancy Services lost the most in terms of market-cap followed by HDFC Bank, Bajaj Finance and ITC, while Hindustan Unilever, Infosys and Reliance Industries added the most of their market-cap.

On the sectoral front, BSE Metal index shed 4 percent, BSE Telecom index fell 2 percent, BSE Oil & Gas index fell 1.2 percent, while BSE Power index added 0.5 percent.

Foreign institutional investors (FIIs) remained seller in the fourth consecutive week as they offloaded equities worth Rs 3,379.31 crore, while domestic institutional investors (DIIs) compensate as they bought equities worth Rs 3,892.3 crore in this week. However, in this month so far, FII sold equities worth Rs 10,925.84 crore and DII bought equities worth Rs 9,245.86 crore.

Indian rupee weakened past 83 mark for the first time in ten months and went closure to record low tracking losses in the global equities and currencies market. The domestic currency ended lower 25 paise for the week at 83.10 on August 18 against its August 11 closing of 82.85.