Indian equity benchmarks plunged more than four percent last week dragged by weakness across sectors barring pharmaceutical and healthcare shares. A sell-off led by financial, automobile and consumer stocks dragged the headline indices lower in a week that began with worries about inflation and ended with panic selling on the news of a new COVID variant.

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NSE

For the week ended November 26, Sensex and Nifty50 indices tumbled 4.2 percent each. The Nifty50 index shed 738.4 points to end at 17,026.5 and the leaner, 30-scrip Sensex gauge lost 2,528.9 points to shut shop at 57,107.2.

Broader markets also bore the brunt of the sell-off. The Nifty Midcap 100 and Smallcap 100 indices finished the week 4.3 percent and 2.4 percent lower respectively.

The week began with concerns about inflation as minutes of the latest Federal Reserve meeting suggested higher chances of aggressive monetary policy tightening.

A new variant of COVID spooked the markets globally, sending Sensex and Nifty50 plunging by the most in a day since April 12.

Foreign investors continued to dump Indian shares, at a time when multiple brokerages have flagged expensive valuations on Dalal Street. Foreign institutional investors net offloaded Indian shares worth Rs 12,650.6 crore ($1.7 billion) during the week, provisional data show. In the previous week, they had made net purchases of Rs 18,745.2 crore ($2.5 billion).

Winners and losers

Among the sectors tracked by NSE, only the Nifty Pharma and Health indices finished the week in positive territory, rising more than two percent each. The Nifty Auto was the worst hit, plummeting 8.4 percent.

Among other top sectoral laggards were the Nifty Bank, PSU Bank, Private Bank, Realty, Consumer Durables and Financial Services indices, taking losses of 5.1-8.4 percent.

In the Nifty50 universe, as many as 44 scrips finished the week lower.

Nifty gainers

Nifty losers

In the midcap and smallcap barometers, Indian Hotels, Bata, Bharat Forge, PVR and Sequent Scientific -- falling between 10.4 percent and 17.9 percent for the week -- were the top laggards. On the other hand, Glenmark Pharma, Zee Entertainment, Vodafone Idea, Trident and Aegis -- rising between 9.1 percent and 27.3 percent -- were among the gainers.

Around 390 stocks in the BSE 500 index -- the broadest gauge on the bourse -- saw weekly cuts.