Slideshow | Market slips for third straight week amid global cues, RBI policy; Rupee falls

Indian benchmark slipped for the third straight week ended on May 22 amid extension of lockdown by the Centre to control the spreading corona virus in India, RBI policy outcome, global tension and earning from Indian Inc. Reserve Bank of India (RBI) on May 22 unexpectedly reduced rates to boost the liquidity into the system in these challenging times. The central bank cut the repo rate by 40 basis points to 4 percent and the reverse repo rate by 40 basis points to 3.35 percent. It has also extended the moratorium on term-loan repayments by another three months to August 31, 2020. In the last week, BSE Sensex shed 425.14 points (1.3 percent) to close at 30,672.59, while the Nifty50 was down 97.6 points (1 percent) to end at 9,039.25 levels. BSE Mid-cap Index fell 2 percent dragged by Indiabulls Ventures, Cholamandalam Investment, Federal Bank, REC, RBL Bank, PFC, Future Retail and Manappuram Finance. However, WABCO India, Quess Corp, Escorts, Relaxo Footwears, Emami and L&T Infotech were among gainers. The BSE Small-cap index was down 1.5 percent in last week. Top losers were Prime Focus, Sadbhav Engineering, Indiabulls Ventures, BF Utilities, Arshiya Arcotech, Cox & Kings, Shoppers Stop, Kisan Mouldings and Equitas Holdingsh, while gainers included Prozone Intu Properties, Subex, Siti Networks, TVS Srichakra, Astec Lifesciences, EIH Associated Hotels and Ashapura Minechem. The BSE Large-cap Index fell 1 percent in the last week, dragged by the IndusInd Bank, Bandhan Bank, Hindustan Zinc, Axis Bank, Indiabulls Housing, REC, PFC and ICICI Prudential, which shed over 10 percent each. However, gainers were ITC, Vodafone Idea, Cipla, M&M, Aurobindo Pharma, Piramal Enterprises and Bharti Airtel. On the BSE Sensex, TCS added the most in terms of market value, followed by ITC, Bharti Airtel, Infosys, Asian Paints, M&M and HCL Technologies in the past week. However, HDFC Bank, HDFC, ICICI Bank and Reliance Industries lost most of their market value. Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd. On the sectoral front, Nifty Pharma outperformed other indices with a gain of 5.5 percent followed by Nifty IT Index (up 5 percent) and Nifty FMCG Index (up 3 percent). On the other hand, Nifty Bank, Nifty PSU Bank and Nifty Private Bank Index shed 8 percent each, while Nifty Realty Index was down 5 percent. In the last week the Indian rupee fell 38 paise to end at 75.95 on May 22 against May 15 closing of 75.57. In the last week, Foreign institutional investors (FIIs) sold equities worth Rs 6,920.28 crore, while domestic institutional investors (DIIs) bought equities worth of Rs 3,938.13 crore. Till now in the month of May, FIIs bought Rs 5,718.25 crore and DIIs bought Rs 5,930.99 crore worth of equities..reckoner_bx{