Indian equity markets fell sharply at the start of trade to end what has been a tumultuous week. About an hour in, the benchmark indices were trading with cuts of 1.75%, with broad-based selling pulling most constituents lower.
The only sector that managed to gain amidst the selling was the pharma sector, which gained 2.2%. All other sectoral indices traded with cuts. The realty and media indices were the worst hit, lower by over 3%. The broader markets, too, fell sharply, as the market breadth tilted sharply in favour of the declines.
Foreign institutional investors have been heavy sellers over the last five sessions in Indian equities – selling over `17,000 crore of equity on a net basis. This has had a bearing on the Nifty Bank, which traded lower by over 2% at the start and which has underperformed over the past month.