The benchmark indices fell nearly 7 percent this week after a massive sell-off in the global stocks on growing fears that the coronavirus outbreak could turn into a pandemic and derail growth.
Concerns surrounding the outbreak’s impact on the global economy have also forced investors to move to safe-haven assets. Analysts remained cautious, saying that the unabated spread could result in the global economy growing at the slowest pace in a decade.
On Friday too market witnessed selloff with benchmark equity indices falling more than 3.5 percent for the day and all major sectors ending in the red. The BSE Sensex ended 1,448 points lower at 38,297, while the Nifty50 index settled 431 points lower at 11,202.
Sensex lost 7 percent or 2,873 points during the week, while Nifty shed 7.3 percent or 879 points. Broader markets also underperformed for the week with the Nifty Midcap100 index down over 7 percent.
Major selling was seen in auto and metal sectors, with the Nifty Auto and the Nifty Metal indices falling 10 percent and 14 percent, respectively this week. Meanwhile, the Nifty PSU Banks and the Nifty Pharma also lost 10 percent and 9.4 percent, respectively. The Nifty Bank and IT also shed 5.8 percent and 8.6 percent for the week.
Nifty Gainers and Losers
No stock in the Nifty50 index gave positive returns for the week, while Vedanta, Tata Motors, Hindalco, JSW Steel, and Tata Steel were the top losers.
Metal stocks remained under pressure for the week as commodity prices fell on fears that coronavirus might impact global growth. Auto was also one of the most affected sectors. Vedanta, Hindalco, JSW Steel, Tata Steel in the metal space fell between 14 percent and 21 percent. Meanwhile, Tata Motors and M&M shed 18 percent and 13 percent, respectively.
GAIL, M&M, HCL Tech, Eicher Motors, Reliance Industries, ONGC and Dr Reddy's were the other losers in the index, down over 10 percent each.
Mid-Cap Gainers and Losers
Only 4 stocks from the Nifty Midcap100 index were in the green for the week including Max Financial Services, Pfizer, Rajesh Exports, and V-Guard Industries.
Max Financial Services rose 2.3 percent after the company entered into an exclusivity deal with Axis Bank, to explore the possibility of Axis Bank entering into a long-term strategic partnership with Max Life.
Among losers, Future Consumer, Indiabulls Ventures, JSPL, Sterlite Tech, Prestige Estate, Canara Bank, and Adani Power fell 17-41 percent for the week.
First Published: Feb 28, 2020 4:09 PM IST
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