Market records steepest weekly declines in over two years
At close, Sensex ended near the 78,000 mark, shedding 1.5% from the previous session, while the Nifty fell below 23,600, also down 1.5%.
The benchmark index Sensex broke 60,000 for the first time in several weeks as the bullish trend in Indian stock indices continued for the third week in a row.
At 9.41 am, the Sensex was up 339.46 points or 0.56 percent at 61,086.05 points, while the Nifty was up 109.50 points or 0.61 percent at 18,121.70 points.
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The top five stcoks in green among the Nifty 50 equities this morning were Dr Reddy’s, NTPC, Divi’s Labs, Adani Enterprises, and Apollo Hospitals Enterprise.
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India’s foreign exchange reserves dropped by USD 3.85 billion from the previous week to a new over two-year low of USD 524.520 billion for the week ending on October 21.
Ever since Russia invaded Ukraine in late February this year, imports of energy and other commodities became more expensive on a worldwide scale, India’s foreign exchange reserves have also decreased by about USD 100 billion.
The reserves decreased by almost USD 115 billion cumulatively during the previous 12 months.
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