FPI exits, earnings upset slam Street
Mumbai, Jan. 24 -- Indian equities ended the week battered and bruised, as sustained foreign portfolio investor (FPI) outflows, weakening earnings momentum and pre-budget jitters combined to drag benchmark indices sharply lower.
On Friday, the Nifty 50 and BSE Sensex fell 0.95%; with the two benchmarks ending down about 2.5% over the week, India stood out as the worst-performing major market in this period.
Alongside, the Nifty 50 slipped below the crucial support level of 25,100, closing the week at 25,048.65. This leaves the index exposed to a possible slide below 25,000, as sentiments are typically fragile ahead of the Union Budget, said Vikas Gupta, chief executive officer (CEO) and chief investment strategist at Omniscience Capital. Th...
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