Daijiworld Media Network - Mumbai

Mumbai, Jan 11: India's stock markets ended the week on a sour note, snapping a two-week winning streak and recording the largest weekly fall in two months. The BSE sensex dropped 1,844.2 points or 2.32%, closing at 77,378.91, while the nifty50 tumbled 573.25 points or 2.38%, settling at 23,431.50. This decline was driven by widespread selling across sectors, except for Information Technology (IT), amid persistent Foreign Institutional Investor (FII) outflows, mixed global market trends, and rising uncertainty regarding the US Federal Reserve’s rate plans.

The BSE large-cap Index fell 3.2%, with stocks like Union Bank of India, JSW Energy, and REC losing between 10-16%. The BSE mid-cap Index experienced a sharper 5.7% decline, while the BSE small-cap Index dropped 6%. Among the hardest-hit were Kalyan Jewellers, Paytm, Godrej Properties, and Suzlon Energy, with losses ranging from 10-23%. On a positive note, a few stocks like Spandana Sphoorty Financial and PTC Industries saw gains between 10-19%.

Sector-wise, only the BSE Information Technology index saw an uptick, gaining 1%. Other sectors like Power, Realty, PSU, Capital Goods, and Metals all posted significant losses, with the BSE Power Index down nearly 9% and BSE Realty slipping more than 7%.

The currency market added to the pressure, as the Indian rupee continued its downward trajectory, hitting a fresh record low of 85.98 against the dollar, ending the week at 85.97.
FIIs continued their selling spree, offloading equities worth Rs 16,854.25 crore, while Domestic Institutional Investors (DIIs) supported the market by purchasing stocks worth Rs 21,682.76 crore.

Despite the overall market decline, stocks like Tata Consultancy Services, HCL Technologies, and Infosys saw some gains in their market capitalisation.