NEW DELHI: A streak of bad news continues to play spoilsports for equity markets in India as the benchmark indices – Nifty and Sensex – continued their downward trend ending the week 3.6% below their Monday opening.
The Sensex on Friday shed another 427 points, or 0.72%, to close just above 59,000 level. Nifty ended the day with a loss of 140 points (-0.8%) at 17,617 levels. “Weak global sentiments wreaked havoc in the volatile domestic market this week. Rate hike worries amid rising inflation, elevated bond yields, ongoing geopolitical tension and surge in oil prices weighed on sentiments,” says Vinod Nair, Head of Research at Geojit Financial Services.
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Continued FII selling and patchy corporate earnings along with surging Covid cases globally were key factors driving the domestic market.“Nifty has corrected almost 750 points from its recent peak... Globally induced volatility, mixed set of results and heavy FII selling have added pressure in the market,” says Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.