The market settled lower for the first time in four weeks with the tax relief for foreign portfolio investors (FPIs) and the resolution of dual control issue on Goods and Services Tax (GST) failing to outweigh the negative earnings from financials, International Monetary Fund (IMF)’s 100 basis points cut in growth forecast and global concerns ahead of US president-elect Donald Trump’s swearing-in ceremony. Trump took presidency oath post market hours on Friday.
During the week ended January 20, the S&P BSE Sensex fell 0.7% or 203 points to settle at 27034, while Nifty50 lost 0.6% or 51 points to close the week at 8349.
Midcap and Smallcap stocks outperformed. The BSE Midcap index slipped just 0.4%, while the BSE Smallcap index bucked the trend to surge 0.6% for the week.
Among Sensex stocks, Reliance Industries, Axis Bank and Coal India plunged 6%, 4.8% and 3.5%, respectively, while Adani Ports lost 3.1%, Infosys dipped 2.7%, while ONGC slumped 2.2%.
Gainers included Hindustan Unilever, Asian Paints and ITC, which rallied 4%, 3.5% and 2.4%, respectively. Tata Steel gained 1.8%, Gail (India) 1.7%, and Tata Motors added 1.6%.
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