Mumbai: The BSE Sensex lost over 2 per cent to end the week at 27,274 -- a nearly four-month low -- and the Nifty crashed below the key 8,500-mark, mirroring global turbulence amid pointers that the US presidential election due on November 8 is headed for a tight finish.
The weekly loss of 667 points includes that of the Muhurat session. Sentiment took a downturn in line with weakness in global indices after opinion polls indicated that Republican Donald Trump and Democrat Hillary Clinton are neck and neck in the race for the top job.
The market found itself in a spot of bother after one poll showed that Trump holds a slight lead over market favourite Hillary Clinton, which rattled investors. Anxiety deepened, given Trump's stance on several issues, including foreign policy and trade relations.
The renewed focus on the upcoming US poll offset strong domestic PMI numbers and the outcome of the GST Council meeting which finalised the tax structure. The investors are keenly tracking key central bank meetings, including those of US Fed Reserve and Bank of Japan.
The selling pressure intensified as pharma stocks took the biggest knock amid reports of a likely US federal probe of Indian drug companies on the issue of price collusion.
The 30-share Sensex resumed higher at 28,066.32 and hovered between 28,095.71 and 27,193.61 before ending the week at 27,274.15, a loss of 667.36 points, or 2.39 per cent. The NSE Nifty also fell 204.25 points, or 2.36 per cent, to close the week at 8,433.75, after shuttling between 8,678.25 and 8,400.25.
Maximum losses came from healthcare, realty, oil and gas and PSUs. Capital goods, banking, consumer durables, power, IT and technology too suffered as also second-line shares of mid-cap and small-cap companies.
The Sensex fell for five-straight sessions. The market remained closed on Monday, on account of Diwali Balipratipada. Meanwhile, foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) sold shares worth Rs 1,847.72 crore during the week, as per SEBI's record including the provisional figure of November 4.
In the broader market, heavy selling was witnessed in mid-cap and small-cap stocks. The BSE mid-cap index slumped 568.74 points or 4.24 per cent to settle at 12,839.53. The BSE small-cap index tanked 576.55 points or 4.29 per cent to settle at 12,877.48.
The fall in both these indices was higher than the Sensex's decline in percentage terms. Among the sectoral indices, healthcare fell by 7.47 per cent, followed by realty 6.16 per cent, oil and gas 4.93 per cent, capital goods 3.58 per cent, banking 2.70 per cent, consumer durables 2.55 per cent, power 2.48 per cent, IT 2.05 per cent, teck 2.04 per cent, auto 1.62 per cent, metal 0.29 per cent and FMCG 0.09 per cent.
Among the 30-share Sensex pack, 26 stocks fell and remaining four stocks rose during the week. Sun Pharmaceutical Industries slumped 12.24 per cent. As per reports, prosecutors at the US Federal Reserve may bring charges of price collusion against a group of generic drugmakers before the end of the year.
It was followed by Dr Reddy 8.42 per cent, ONGC 6.34 per cent, Adani Ports 6.03 per cent, SBI 5.82 per cent, Cipla 5.21 per cent, Lupin 4.66 per cent, Reliance 4.53 per cent and Tata Motors 4.43 per cent. M&M was the major gainer by 4.71 per cent. Shares of cigarette major ITC gained 2.70 per cent.
Fears of goods and service tax (GST) overhang has subsided after GST council has finalised four-tier tax structure. Earlier, there were uncertainties about charging higher tax on tobacco post GST. ITC gets over 45 per cent of its revenue from tobacco products. It was followed by HUL 1.10 per cent and NTPC 0.49 per cent.
The total turnover during the week on BSE and NSE declined to Rs 15,202.41 crore and Rs 86,479.33 crore, respectively, as against last weekend's level of Rs 16,579.80 crore and Rs 1,10,303.38 crore.
