Indian equity benchmark BSE Sensex plummeted 434 points on Friday, dragged by heavy losses in banking stocks after the RBI slashed the country's economic growth outlook for this fiscal. In its fourth bi-monthly policy review, the central bank also reduced its benchmark lending rate by 0.25 percent to revive growth that has hit a six-year low.
After opening nearly 300 points higher, the 30-share index gave up all the gains to turn negative after the policy announcement by the Reserve Bank of India (RBI).
After gyrating 770 points during the day, the 30-share Sensex ended 433.56 points, or 1.14 percent, lower at 37,673.31. The broader NSE Nifty plunged 139.25 points, or 1.23 percent, to close at 11,174.75.
For the week, the Sensex plunged 3 percent, while the Nifty dipped 2.9 percent. Broader market indices also slumped with the Nifty MidCap 100 index down 4.3 percent on a weekly basis.
Among sectoral indices this week, Nifty PSU Bank dipped 8.5 percent, while the banking gauge Nifty Bank dipped 7.2 percent. Nifty Media also fell over 7 percent this week and Metal gauge declined 6.4 percent.
Top laggards in the Sensex pack included Kotak Bank, ICICI Bank, HDFC Bank, Tata Motors, L&T, SBI, Tata Steel and Axis Bank, falling up to 3.46 per cent.
On a weekly basis, IndusInd Bank, Yes Bank, Zee Entertainment Enterprises, SBI and Grasim were top five laggards, declining between 10 and 15 percent.
#MarketThisWeek | Nifty Bank falls 7.2% this week, biggest weekly fall in 43 months; Nifty Midcap down 4.3% this week, biggest weekly fall in a year pic.twitter.com/x7IBqI8aPF
— CNBC-TV18 (@CNBCTV18Live) October 4, 2019
On the other hand, TCS, Infosys, ONGC, Tech Mahindra, IndusInd Bank and NTPC rose up to 1.03 per cent.
BPCL, Indian Oil Corp, HCL Technologies, ITC and Infosys were top weekly gainers, rising between 1 and 10 percent.
#MarketThisWeek | Market posts weekly fall for the 1st time in 4 weeks; #Sensex & #Nifty slip 3% each this week, biggest weekly fall in 5 months pic.twitter.com/qsiFMBeECo
— CNBC-TV18 (@CNBCTV18Live) October 4, 2019
From the midcap space, Zomato and naukri.com owner InfoEdge moved 10 percent higher on reports of fund raising plans. Biocon, Fortis Health, Stries Pharma, AB Fashion were other major gainers, rising between 1 and 6 percent.
DHFL, RBL Bank, L&T Holding Finance, Dish TV and IDFC First Bank were top midcap losers this week, slumping between 10 and 26 percent.
-with inputs from PTI
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