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Sensex eight-week fall is the longest weekly slide in 25 years

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The Sensex eight-week fall is now the longest weekly losing run in 25 years. In the holiday-shortened week that ended before Gandhi Jayanti, the BSE Sensex dropped 1,986.04 points, or 2.68 percent, to 71,909.70. The Nifty 50 fell 718.55 points, or 3.10 percent, to 22,421.95, Moneycontrol reported on Saturday.

Sensex eight-week fall is the longest weekly slide in 25 years
The Bombay Stock Exchange building on Dalal Street. Photo: CC BY 2.0.

What drove the Sensex eight-week fall

Dealers pointed to dearer Brent crude amid fresh tension in West Asia, higher global bond yields, foreign selling and a weaker rupee. The rupee lost 50 paise over the week and closed at 96.32 on 1 October, against 95.82 on 25 September. It traded between 95.74 and 96.32, moving closer on Thursday to its record low of 96.96. Markets were shut on Friday for Gandhi Jayanti, so the weekly mark was locked in a day early.

Phiroze Jeejeebhoy Towers, home of the BSE
Phiroze Jeejeebhoy Towers, the BSE headquarters. Photo: CC BY-SA 2.0.

Every sectoral index finished lower except Nifty IT, which rose 0.5 percent. Nifty Consumer Durables fell 6 percent and Nifty Auto 5.8 percent. Metal, FMCG and PSU Bank indices each lost more than 4 percent. Realty, healthcare, infrastructure and oil and gas each fell more than 3 percent. The Sensex eight-week fall was steepest in consumer and auto names, not in software.

The Dalal Street sign in Mumbai
The Dalal Street sign outside India’s oldest stock exchange. Photo: Wikimedia Commons.

What the October calendar puts in front of the market

The next domestic dates are already fixed. The Reserve Bank’s monetary policy committee meets from 5 to 7 October, and the GST Council is due on 7 October. TCS opens the results season on 8 October. Inflation prints follow in the second week of the month. None of that erases the eight-week slide. It does tell investors which headlines can move the next session, when trading resumes after the long weekend.

The National Stock Exchange of India in Mumbai
The National Stock Exchange of India in Mumbai. Photo: Wikimedia Commons.

Until then, the levels to remember are the Friday-before close: Sensex 71,909.70, Nifty 22,421.95, and a rupee that has already tested the high 96s this week.

Next on TrendDesh: IMD says monsoon withdrawal will push further across north and central India

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