The week that was, Nifty cracks below 10k, PSU Banks and metal stocks bleed

There seems to be no relief on the street due to a host of triggers such as global sell-off amid fears of a trade war, rising crude oil prices, bond yields and a troubled domestic banking system. Uncertainty around the political situation in the country added to the woes, and collectively dragged the sentiment across the street. If all this was not enough, rising Libor rates is another larger worry than a hawkish Federal Reserve.

PSU bank index nose-dived 7.2%, Metals index plunged 6%, while Bank Nifty was down 3.2%, Midcap 100 index was down 3%, Pharma index fell by 2.6%, Auto index was down 2%; further, IT index fell by 1.2%, Energy index was down 1.2% and FMCG index marginally lose half a percent.

Meanwhile, the IPO market was in action as Bandhan Bank, Sandhar Technologies, Mishra Dhatu Nigam hit the markets for subscription during the week, which saw decent response. On the other hand, the sugar stocks were in action after media reports stated that government scrapped export duty on sugars to boost shipments.

For the week, Nifty and Sensex ended lower by 2% each.

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