Mumbai: The benchmark BSE Sensex declined 4,100 points in the week ending October 4, 2024, in what was the worst week for markets since 2022. Investors lost Rs 16 lakh crore worth of funds in markets this week, according to exchange data. To be sure, external factors such as the geopolitical conflicts in the Middle East weighed down the 30-share benchmark index.
Indian indices took a beating first from the massive stimulus package announced by China to infuse animal spirits into its economy and revive its real estate sector. The second half of the week witnessed massive selloffs amid rising tensions in the Middle East with Israel’s ground offensive in Lebanon followed by a volley of missiles launched by Iran into Israel’s airspace. Amid this dual shock, gold prices continued to make new records as the safe haven’s value multiplied owing to global fears.
Sensex performance over the week
The Sensex on Friday closed 808.65 points lower at 81,688.45, down 0.98 per cent from the previous day’s closing of 82,497.10. The Sensex on Friday opened at 82,244.25, before hitting a high of 83,368.32 and a low of 81,532.68. The benchmark index has seen major volatility this week, erasing the gains of September 27, 2024, when it hit a 52-week high of 85,978.25.
HDFC Bank, Reliance Industries and ICICI Bank were the top drags on the 30-share Sensex, by index contribution. Infosys, Tech Mahindra, and Tata Motors were the top gainers at the end of Friday.
The Sensex consistently lost value this week starting with 1.49 per cent on Monday, 0.04 per cent on Tuesday, 2.10 per cent on Thursday and 0.98 per cent on Friday.
Markets were closed on Wednesday, October 2, 2024, for Gandhi Jayanti.
The Sensex opened the week at 85,208.76 and closed nearly 1,000 points lower at 84,299.78. On Tuesday, the Sensex slipped to 84,257.17 at market opening and closed even lower at 84,266.29. On Thursday, the Sensex plunged over 1,00 points at market opening to 83,002.09 and closed at 82,497.10. The Sensex was down to 82,244.25 on Friday at market opening and plunged further to 81,688.45 at market closing on Friday.
FII trends for the week of September 30, 2024
In the last three days of the week, foreign institutional investors (FIIs), sold equities worth Rs 30,614 crore, PTI reported, citing V L Vijay Kumar, chief investment strategist at Geojit Financial Services. FIIs were lured by the cheaper valuations of Chinese listed companies’ stock after the recent stimulus, he added.
The Sensex plunged a massive 4,100 points in the week ending October 4, 2024. Know factors behind the erasure of Rs 16 lakh crore investor wealth. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
