Weekly roundup: Markets fall most in five weeks on FII outflows, GST woes - 24 Dec 2016

The benchmark indices Sensex and Nifty50 posted their biggest weekly fall in five weeks as market remained under pressure on account of foreign institutional investor (FII) outflows as worries over a faster pace of rate increase in US lingered on while back home the expected delay in the implementation of Goods and Services Tax (GST) kept investors on tenterhooks. 

During the week ended December 23, the S&P BSE Sensex lost 449 points down or 1.69% to settle at 26040.70, while the broader Nifty50 slipped 154 points, or 1.88%, to close at 7985.75. 

Broader market underperformed the headline indices. BSE Midcap index shed 3.88% to finish at 11760.78, while BSE Smallcap quoted 11796.94, down 2.61% for the week. 

“Conditions are not favourable for any fresh directional trades as we have already seen decent correction from the top and downside seems capped in Nifty from the current levels. However, negativity in the banking pack indicates further slide in days to come. Also, we have derivative expiry scheduled in the coming week. In short, we feel it's time to limit your positions and wait for clarity,” said Jayant Manglik, President, Retail Distribution, Religare Securities.

Sectors and stocks

The week saw all sectoral indices settling in red. BSE Healthcare index dropped 4.25%, followed by the BSE Metal index (down 4.22%), the BSE Bankex index (down 2.65%), the BSE FMCG (down 1.3%) and BSE Capital Goods (down 0.8%).  The BSE PSU, BSE Power and BSE Auto indices shed 2.01%, 1.79% and 1.73%, respectively. 

Among Sensex stocks, Axis Bank, Adani Ports and State Bank of India plunged 7.3%, 6.2% and 5.9%, respectively for the week. Tata Steel lost 5.7%, Bharti Airtel dipped 4.7%, while ONGC slumped 4.3%.

Gainers included Gail (India), Cipla and NTPC, which rallied 4%, 3% and 0.75%, respectively. HDFC Bank gained 0.46%, TCS 0.37%, and Maruti Suzuki added 0.18%. 

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