Overview: Worst Week Since May 2022; Indices Bleed, ONGC Dives 14%, Oil Tanks 7%

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Overview: Worst Week Since May 2022; Indices Bleed, ONGC Dives 14%, Oil Tanks 7%
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The domestic market witnessed the worst bloodshed last week in more than two years, extending its downfall for the second consecutive week amid a global sell-off as investor sentiments regarding global growth grew grim.

Indian equity benchmark indices Nifty50 and Sensex tanked almost 6% each last week in tandem with a growing sell-off globally on recession fears as central banks hiked interest rates aggressively to tame the soaring inflation.

Not just the domestic market, global stocks recorded their worst week too since May 2020.

Sectoral indices witnessed a turbulent week as well, as Nifty IT nosedived 8.2% in the week, while Nifty PSU Bank and commodities plummeted 7.7% and 7.4%, respectively.

Nifty FMCG and Nifty Auto slipped 3.1% and almost 5% lower too, while Nifty Bank entered the bear market, with the financial, IT and metal indices lurking in the zone too.

Healthcare company Apollo Hospitals (NS: APLH ) was the only stock under Nifty50 that ended the week in green, while industry heavyweight ONGC (NS: ONGC ) tanked 13.6%, Tech Mahindra (NS: TEML ) tumbled 13.3%, Hindalco (NS: HALC ) 13.27%, Wipro (NS: WIPR ) 11.8% and Tata Steel (NS: TISC ) plunged 11.4% in the week.

Broader market indices Nifty Midcap 100 and Nifty Smallcap 100 slid 6.2% and 7.9%, respectively.

Further, global crude oil also declined last week amid growing concerns of a global slowdown and recession in the US. Brent crude plunged 7% in the week.

The intensified FPI outflows from the Indian markets only made matters worse last week, as foreign investors debited Rs 31,430 crore from domestic shares so far in June.

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