Mid-, small-cap gauges record worst weekly loss in five years

FREE FALL

- KISHOR KADAM

BENCHMARK INDICES FELL for the eighth straight session on Friday, marking the longest losing streak in two years, as the absence of positive developments on both the domestic and global fronts weighed on the investor sentiment.

The broader indices have been hit particularly hard in the current sell-off. On Friday, the BSE Midcap index fell 2.59% while the BSE Smallcap index dropped 3.24%. Over the week, both indices plunged 7.71% and 9.47%, respectively, marking their worst weekly losses in five years. The last time such steep declines were recorded was in the week ended March 20, 2020, when the midcap gauge fell 11.85% and the smallcap indice dropped 14.01%.

The Sensex declined by 199.76 points, or 0.26%, to close at 75,939.21, while the Nifty fell 102.15 points, or 0.44%, to end below the 23,000 mark at 22,929.25. During the session, the indices were down by 0.92% and 1.11%, respectively, before recouping some losses.