The Indian market continued to decline for 2 weeks, and the rupee hit an all-time low

Concerns about the US recession, rebound in yen carry trade, geopolitical tension in the Middle East, RBI policy results, and performance of Indian companies were mixed, and volatility was high, and the market declined for 2 consecutive weeks.

This week, BSE SENSEX fell 1,276.04 points (1.57%) to close at 79,705.91, and the Nifty 50 Index fell 350.2 points (1.41%) to close at 24,367.50.

The BSE small cap index fell nearly 2%, and Fusion Microfinance, Sangvi Movers, Nukleas Software Export, Lemon Tree Hotels, Automotive Stampings, Mahanagar Telephone Nigam, and Sylma SGS Technology fell 15-30%. Meanwhile, Century Enka, Authum Investment & Infrastucture, Symphony, Garware Hi-Tech Films, KFin Technologies, Edelweiss Financial Services, BASF India, Venkys, and Oswal Greentech rose 20 to 35%.

The BSE large stock index fell 1.5%, being dragged by Adani Energy Solutions, Shree Cements, Tata Power Company, Hindustan Zinc, and Bandan Bank, but Mankind Pharma, ABB India, Zidus Life Sciences, UPL, and Cipla ended up rising.

The BSE Mid-Cap Index fell 1%, while LIC Housing Finance, Indian Steel Corporation, New India Assurance Company, Union Bank of India, and Balkrishna Industries fell 7-14%. However, Alchem Laboratories, Lupin, Oil India, Ajanta Pharma, Cummins India, and PI Industries rose 5 to 9 percent.

Reliance Industries fell the most in terms of market capitalization, followed by State Bank of India, Infosys, and Tata Consultancy Services. Meanwhile, Hindustan Unilever, ITC, and JSW Steel increased their market capitalization the most. By sector, the Nifty Metals Index and PSU Bank Index fell nearly 3%, the Nifty Energy Index fell 2.5%, and the Nifty Bank Index and IT Index each fell 1.5%. Meanwhile, the Nifty Pharmaceuticals Index rose 1.5%, while the Nifty Healthcare Index and FMCG Index each rose 0.5%.

Foreign institutional investors (FII) sold shares worth 19,139.76 rupees, while domestic institutional investors (DII) bought shares worth 20,871.10 rupees.

The Indian rupee hit a record low of 83.96 this week, and closed at 83.95, which is 21 pounds cheaper against the US dollar on 8/9 compared to the closing price of 83.74 on 8/2.