Foreign investors dumped local stocks for a fourth straight day on Friday, causing the bellwether Nifty 50 and Sensex indices to log their biggest weekly fall in 30 months. This, and heavy selling by retail clients, caused investor wealth to plunge by ₹8.75 trillion in a single day.
Indian markets were part of a continuing emerging market selling spree by FPIs (foreign portfolio investors) in favour of low-risk US bonds in the face of rising bond yields and a stronger dollar.
The Nifty and Sensex fell by 1.5% each to 23,587.5 and 78,041.59 points on Friday as FPIs net sold shares worth a provisional ₹3,597.82 crore, which offset the net purchase of ₹1,374.37 crore by domestic institutional investors (DIIs).
The rupee also tested a new low on Friday before recovering to close higher following the Reserve Bank of India's intervention.
With Friday's fall, both the Nifty and Sensex have tumbled below their crucial 200-day simple moving averages (SMA), which underscores the bearish trend amid rising yields.
The 200-day SMA measures the average levels that the Nifty and Sensex have traded at for the past 200 days. The 200 SMA for Nifty lies at 23,834 and for the Sensex at 78,320.76, per Bloomberg.
هذه القصة مأخوذة من طبعة December 21, 2024 من Mint Mumbai.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة December 21, 2024 من Mint Mumbai.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Markets reel from highest weekly fall in 30 months
Bears rip ₹8.75 trillion of investor wealth with FPIs continuing their selling spree
Slow consumption, inflation weigh on GST Council meet
Inflation and consumer appetite for purchases are two considerations that are expected to weigh on the Goods and Services Tax Council when it examines a ministerial group's recommendations for further hikes in the indirect tax, three persons informed about the development said on condition of anonymity.
Broking firms look inward as Sebi pins finfluencers
Earlier this year, broking firm Angel One Ltd launched its own content platform just as India's markets regulator was tightening the screws on financial influencers.
MPC minutes show continuing divide over policy action timing
The rate-setting panel of India's central bank remained divided over the timing of monetary policy action aimed at reviving India's economic growth, even as they expect price rise to cool off, show minutes of the 6 December meeting, released on Friday.
Bitcoin went mainstream in 2024. Are other risky tokens next?
Bitcoin went mainstream in 2024 thanks to the roaring launch of the first U.S. exchange-traded funds to hold the cryptocurrency and Donald Trump's surprise embrace of digital assets.
Sexual wellness market sizzles as India sheds taboo
With products ranging from body massagers to performance supplements, sexual wellness startups such as Bold Care and MyMuse are attracting rising interest from carefree young consumers as the topic of sexual wellness has come a long way from being a taboo subject in India.
Capex flexibility tops states' budget wishlist
Kerala, Punjab call for special financial packages, higher borrowing limits
'Adani foray into cement drives deep discounts'
Competition in India's cement sector heated up with the entrance of the Adani Group in September 2022. Top manufacturers bumped up discounts to maintain market share, according to a report from British wealth manager Investec.
Leave a movie midway, and get some money back
PVR Inox's move is part of efforts to widen audience base and improve movie-going frequency
Pushpa 2 most-watched film of 2024, Coldplay hot
Nostalgia also took centre stage with re-releases like Kal Ho Naa Ho, Rockstar and Laila Majnu still drawing viewers
