Stories
Stock Market Plunges for 8th Straight Week, Longest Losing Streak in 25 Years
- •Indian equity benchmarks extended their losing streak, with Nifty falling 199 points to 22,422 and Sensex declining 571 points to 71,910, marking the eighth consecutive weekly decline and longest losing streak in 25 years.
- •The market capitalization of BSE-listed companies plummeted by nearly ’20 lakh crore during the week, with all sectoral indices except IT ending lower.
- •Auto stocks faced significant pressure despite mixed monthly sales, with Bajaj Auto plunging 8% and Maruti Suzuki falling 5%, contributing to the Nifty Auto index's more than 3% decline.
- •PB Fintech continued its six-session decline, falling below its IPO price following IRDAI's consultation paper, while other midcap losers included Uno Minda, Swiggy, Kalyan Jewellers, UPL, and Piramal Pharma.
- •The rupee slipped significantly, falling 48 paise against the US dollar to trade above 96 per dollar, marking its biggest single-day decline in two months.
Key Questions Answered
The equity benchmark indices extended their losing streak due to broad-based selling, marking the longest losing streak in 25 years with the Nifty falling over 3% for its worst weekly performance in six months. Major factors included pressure on auto stocks, ongoing declines in PB Fintech following an IRDAI consultation paper, and a significant drop in the rupee.
Auto stocks remained under pressure with the Nifty Auto index falling over 3% for the week despite mixed monthly sales numbers. Bajaj Auto plunged 8% on Thursday for its biggest single-day fall in two years due to sales coming in below expectations, while Maruti Suzuki fell 5% despite reporting in-line sales.
Information technology (IT) stocks were the only major sectoral pocket to end the week in positive territory, with the Nifty IT index gaining over 2% to support the broader market. Additionally, banking stocks like HDFC Bank showed relative resilience while the rupee slipped below 96 per dollar.
