Markets extend losses to fifth week, longest slump since August 2023
Over the past five weeks, the BSE Sensex and NSE Nifty50 have declined 3.60% and 3.73%, respectively. The sell-off has been even more pronounced in the broader market, with the Nifty Midcap 100 dropping over 5% and the Smallcap index plunging more than 7% during the same period.
'Several factors have contributed to the shift in tone — from renewed concerns around the progress of India–U.S. trade negotiations, to persistent FII outflows, and a string of underwhelming corporate earnings that failed to meet market expectations,' said Sudeep Shah, Head - Technical and Derivatives Research, SBI Securities. He added that the Nifty is now trading below its 20-day, 50-day, and even 100-day EMA — a sign of mounting weakness.
FIIs offloaded equities worth over 42,000 crore (net) in July, more than double their net purchases over the past four months combined. The selling spree gained momentum as India Inc's subdued Q1 earnings dampened sentiment, while delays in the India-US trade deal further accelerated the outflow.
Following a 25% tariff slapped by US President Donald Trump on India earlier this week which led to a steep decline in shares of companies that earn a big chunk of their revenue from the US market, brokerage firm Nuvama said that the higher tariffs on India (versus expectations) could potentially weigh on capital flows.
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