INSUBCONTINENT EXCLUSIVE:
The stock market tumbled again on Friday, mirroring the selloff in Asian shares, which hit a 20-month low after the overnight fall on Wall
The Sensex and Nifty closed at a 6 1/2 -month low dragged down by lenders led by Yes Bank after its second quarter earnings disappointed
investors.
The Sensex shed 340.78 points, or 1 per cent, to end at 33349.31
The Nifty lost 94.90 points, or 0.94 per cent, to close at 10030
The Sensex fell 2.8 per cent and the Nifty declined 2.6 per cent this week.
Analysts do not expect the bearish sentiment to ebb anytime
almost 2 per cent on Friday, taking the loss to 3.1 per cent for the week
Yes Bank slumped 9 per cent after the September quarter results disappointed though the stock recovered from lows
and IndusInd Bank.
Foreign institutions stepped up their selling, dumping shares worth Rs 1,356.66 crore
So far in October, they have net sold to the tune of over Rs 22,000 crore after dumping shares worth Rs 9,600 crore in September.
Though
domestic institutions have almost matched foreign outflows with their purchases, that has not been enough to control the market slide
Domestic institutions, including mutual funds and insurance companies, have net bought shares worth over Rs 18,000 crore in October and Rs
Sentiment in global markets have soured after tech giants Amazon and Alphabet, which owns Google, missed earnings expectations.
