Markets closed the week with the benchmark Sensex index falling 7 percent lower and the NSE Nifty declined 7.3 percent on a weekly basis, amid subdued global cues led by growing worries on the coronavirus outbreak across countries.
This weekend Friday also marked witnessed selling pressure with benchmark equity indices slipped over 3.5-percent for the day and all major sectors closing in the red. The Sensex settled at 38,297, down by 1448 points lower, and the Nifty-fifty closed at 11,202, down by 431-points.
Increased selling was observed in Metal and Auto sectors, with the Nifty Auto falling 14-pc and the Nifty Metal indices shedding 10-pc each- for the week. The Nifty PSU Bank gauges also lost 10-pc and the Nifty Pharma slipped over 9 percent, Nifty IT dropped 8.6-pc and the Nifty Bank shed 5.8-pc for the week. For stock and Mcx recommendations visit our website.
Top Nifty losers for the week were Vedanta-down by 19.9-pc, Tata Motors-down by 18.6-pc, Hindalco-down by 17.9-pc, Indiabulls Housing finance- down by 17.2-pc, JSW Steel-down by 16.35-pc, and Tata Steel-down by 13.9-percent. There have been no stocks in the Nifty-fifty recorded positive returns this week.
Metal and Auto stocks were hard hit for the week as commodity prices were impacted by growing concern on coronavirus. Vedanta, Hindalco Industries, JSW Steel, Tata Steel declined up to 20-pc, while Tata Motors and Mahindra& Mahindra shed up to 18-percent.