MUMBAI: Mixed corporate earnings, along with heightened chances of a US interest rate hike and fears of a slowdown in global economic growth, dragged the key indices of Indian stock market in the red during the just concluded weekly trade session.
However, a decline in crude oil prices below $80-per-barrel and a stable rupee in a range of 73 to a USD aided the key indices -- S&P BSE Sensex and NSE Nifty50 -- to pare some of their losses.
The stock market indices entered into a downward trajectory during the last two trade sessions after opening the week on a positive note. The Sensex lost close to 600 points in just the two final session of the week.
Consequently, on a weekly basis, the S&P BSE Sensex closed at 34,315.63 points, down by 417.95 points or 1.20 per cent from its previous close.
Similarly, the wider Nifty50 of the National Stock Exchange edged-lower. It closed at 10,303.55 points, down 168.95 points or 1.61 per cent from the previous week's close.
The market breadth was negative in two out of the four trading sessions of the week. The markets were closed on Thursday on Dusshera, which was observed in Maharashta a day ahead of the rest of the country.
Last week, quarterly results were in focus as prominent companies which declared results for the quarter ended September 30 were Reliance Industries, Infosys and Hero MotoCorp.
Results-wise, Infosys reported a 10.3 per cent rise in its consolidated net profit, while Reliance Industries (RIL) reported a 17.3 per cent jump. On the contrary, Hero MotoCorp reported a decline of over 3 per cent in its net profit.
"Markets resumed their intermediate downtrend this week after the pullback seen in the previous week. Nifty ended with W-o-W losses of 1.61 per cent at 10,303 points," said Deepak Jasani, Head of Retail Research at HDFC Securities.
"The market breadth was negative in two out of the four trading sessions of the week. Among sectors, FMCG and healthcare were gainers while auto, consumer durables, realty and metals were the losers."
Global cues such as a slowdown in China's economic growth and the chances of an impending US rate hike affected domestic investors.
On the other-hand, the outflow of foreign funds eased in comparison to the earlier weeks in October - although it has reached its highest level in the past 12 months.
The provisional figures from the stock exchanges showed that foreign institutional investors sold scrip worth Rs 1,576.01 crore, whereas the domestic institutional investors bought Rs 1,008.97 crore in the just concluded weekly trade.
Figures from the National Securities Depository (NSDL) showed that foreign portfolio investors (FPIs) divested Rs 1,825.95 crore, or $246.72 million, in the equities segment during the week ended October 19.
In terms of currency, the Indian rupee closed at Rs 73.32 to a US dollar on Friday, strengthening by 24 paise from its previous week's close of 73.56.
According to Vinod Nair, Head Of Research at Geojit Financial Services: "Mixed earnings from latest set of results and volatility in global market were putting pressure on markets. FIIs flows are strained due to increased global bond yield and trade war worries, hence funds are shifting from non-dollar assets."
"Foreign investors are concerned about the fast pace of increase in interest rates and trade war worries which is likely to slow down the world economy. IT sector witnessed profit booking on concerns of tightening H1-B visa, while sell-off in NBFCs continued this week also."
The top weekly Sensex gainers were ITC (up 8.77 per cent at Rs 288.45); Kotak Mahindra Bank (up 7.37 per cent at Rs 1,197.25); ONGC (up 4.41 per cent at Rs 159.65); Sun Pharma (up 3.48 per cent at Rs 607.75); and Coal India (up 3.36 per cent at Rs 275.55 per share).
The major losers were Yes Bank (down 9.42 per cent at Rs 217.40); Tata Motors(DVR) (down 5.51 per cent at 96.10 ); Hero MotoCorp (down 5.30 per cent at Rs 2,714.75); Tata Motors (down 4.24 per cent at Rs 175); TCS (down 3.63 per cent at Rs1,907.95).