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Indian shares end worst week in over two years

The Nifty 50 index dropped by 0.93 per cent, closing at 25,014.6, while the S&P BSE Sensex fell 0.98 per cent to finish at 81,688.45.

A man walks past the logo of the National Stock Exchange (NSE) in Mumbai. (Photo: Reuters)
A man walks past the logo of the National Stock Exchange (NSE) in Mumbai. (Photo: Reuters)

INDIAN shares fell for the fifth consecutive session on Friday, marking their worst weekly performance in more than two years. Concerns over the growing conflict in the Middle East and rising foreign outflows weighed on investor sentiment.

The Nifty 50 index dropped by 0.93 per cent, closing at 25,014.6, while the S&P BSE Sensex fell 0.98 per cent to finish at 81,688.45. For the week, both benchmarks lost approximately 4.5 per cent, their steepest decline since June 2022, driven mainly by a 2 per cent drop on Thursday.


The escalating conflict in the Middle East raised fears that crude oil supplies from the region could be disrupted, pushing up prices. This is a concern for net oil-importing countries like India.

"Geopolitical landscape remains an active risk, with any further escalation potentially disrupting markets, leading to resurgence in inflation and prompting further correction," said Mahesh Patil, chief investment officer at Aditya Birla Sun Life Asset Management Company.

Analysts also linked the market decline to increased foreign selling. Thursday saw a record high in foreign outflows as investors shifted funds into China following its recent stimulus measures.

Except for metals, led by gains in JSW Steel after multiple brokerage upgrades, all major sectoral indexes posted weekly losses. Realty, auto, and energy were the hardest-hit sectors during the week.

Small and mid-cap stocks, which are more focused on the domestic market, fell 2.5 per cent and 3.2 per cent for the week, respectively.

Reliance Industries, the second-largest stock in the Nifty 50, dropped by 9.2 per cent this week, contributing significantly to the index's losses.

On Friday, Bajaj Finance declined by around 3 per cent, making it one of the top five losers on the Nifty 50. Jefferies noted that the non-banking financial company's pre-earnings report showed a slowdown in assets under management, with a 12 per cent sequential decline in new loan bookings.

Mahindra and Mahindra Financial Services fell by about 6.6 per cent after reporting a drop in disbursements for the September quarter.

(With inputs from Reuters)

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