Domestic stock markets finished a volatile week with losses of more than 1 per cent – breaking two straight weeks of upmove, as fears of a second wave of COVID-19 infection spooked the global markets. The S&P BSE Sensex index shed 506.35 points – or marking a 1.48 per cent decline – for the week, whereas the broader 50-scrip NSE Nifty benchmark lost 169.25 points (1.67 per cent). On Thursday, the US markets suffered its biggest single-day drop since March 16 after a cautionary economic forecast from the Federal Reserve – the US central bank – and renewed concerns over the coronavirus pandemic, which caused a global selloff in financial markets.
Losses were visible across most sectors. All sectoral gauges but one on the National Stock Exchange moved lower for the week. All of the 50 components in the benchmark Nifty basket finished the week higher.
The midcap segment bucked the trend, providing some support to the overall markets.
Nifty’s Top Percentage Losers
|Mahindra & Mahindra||5.42%|
Analysts say more correction in the markets cannot be ruled out for the time being on account of rising COVID-19 cases in the country.