The selling pressure intensified again, driving the benchmark indices down by more than 2 percent in the week ended October 25 as ongoing geopolitical tensions, muted September quarter earnings with tepid demand environment and margin pressure, and significant FIIs outflow dented sentiment. The market extended southward journey for fourth consecutive week and reached to four-month low.
In the (Diwali) week ahead starting from October 28, the sentiment is expected to remain in favour of bears with focus on corporate earnings, and bunch of US economic data (including GDP), while the market participants maintained caution ahead of US presidential elections scheduled on November 5. The monthly Futures & Options contracts will get expired next week on Thursday.
The BSE Sensex closed below psychological 80,000 mark, down 2.24 percent during the week at 79,402, while the Nifty 50 plunged 2.7 percent or 673 points to 24,181 (the lowest level since the week ended June 28), taking the total loss to 8 percent from its record high of September 27.
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