Sensex Suffers 4th Day of Losses, Posts Weekly Decline

India’s BSE Sensex fell further to close about 0.8% down at 71,909.7 on Thursday, a new low since March, marking the fourth straight session of losses. Rising oil prices and continued foreign investor outflows continued to dampen investor sentiment. Uncertainty over a diplomatic resolution to the Middle East conflict has compounded concerns about persistent inflationary pressures, while also raising fears of higher interest rates. Meanwhile, caution prevailed ahead of the RBI’s policy decision, scheduled for October 7 .All sectors posted losses, with tech and select banks bucking the trend. Maruti (-4.6%), M&M (-3.3%), Tata Steel (-3%), Adani Ports (-2.7%), ITC (-2.6%) and Power Grid (-2.2%) were the biggest laggards. On the upside, Infosys (4%), TCS (1.4%), HCL Tech (1.4%) and HDFC Bank (1.4%) advanced firmly. For the week, the index declined about 2.7%. The Indian stock market will be closed on Friday, October 2 for Mahatma Gandhi Jayanti.

India’s BSE Sensex edged down about 0.1% to 72,434 on Thursday, extending losses for a fourth straight session as continued foreign investor selling weighed on sentiment, while easing oil prices offered some relief. Brent crude fell to around $98 a barrel amid developments surrounding US-Iran ceasefire talks. Foreign investors sold $1.06 billion of Indian equities on Wednesday, bringing total outflows over the past five sessions to about $3.6 billion. Meanwhile, US inflation rose less than expected in August, with the Federal Reserve’s preferred PCE price index increasing 3.4% year-on-year, below the 3.7% forecast. The softer reading lowered expectations for an October Fed hike, easing pressure on emerging-market assets. Among stocks, Mahindra & Mahindra (-2.3%), MTAR (-1.9%), and Cupid (-0.7%) declined, while Kotak Mahindra Bank gained about 2.4% after appointing Anup Kumar Saha as CEO for a three-year term, succeeding Ashok Vaswani when his term ends next year.

India’s BSE Sensex pared its early advance to close marginally down at 72,480 on Wednesday, after a volatile session, extending its losing streak for the third day. Firm crude oil prices, elevated global bond yields and sustained foreign fund outflows continued to weigh on investor sentiment. The overall market tone remains cautious, amid continued geopolitical uncertainty in the Middle East and the prospect of elevated interest rates for longer. Among individual stocks, Eternal, Sun Pharma, Titan, Adani Ports, Tata Steel and HDFC Bank were among the major laggards, with losses between 1.4%-2.3%. On the upside, Kotak Mahindra Bank (2.9%), ICICI Bank (2.3%), InterGlobe Aviation (2.1%) and Axis Bank (1.4%) recorded the largest gains. The benchmark index fell 5.8% in September, its steepest monthly decline since March, and posted a 5.2% loss in the third quarter.