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Sensex logs third-worst losing streak ever for nine consecutive trading sessions, second this year

This was the third-worst losing streak for the index in nine consecutive trading sessions ever. However, this wasn't the worst fall in terms of losses for the Sensex ever.

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Sensex logs third-worst losing streak ever for nine consecutive trading sessions, second this year

Sensex saw the second-worst losing streak for nine consecutive trading sessions this year yesterday on jitters over the outcome of Lok Sabha election, ongoing US-China trade tensions, decline in economic indicators such as factory output and core sector growth, weakness in high-frequency indicators such as auto sales, and credit crunch in non-banking financial companies (NBFCs). In February this year too, the benchmark index fell for nine consecutive sessions.  

This was the third-worst losing streak for the index in nine consecutive trading sessions ever. However, this wasn't the worst fall in terms of losses for the Sensex ever. In 2001, Sensex logged its first nine-session losing streak when it fell 17.03% or 578 points from September 5, 2001 to September 17, 2011.

Ten years later, the index logged a nine-session losing streak again when it lost 7.1% or 1,392 points from April 25, 2011 to May 5, 2011.

On May 13, 2019, Sensex closed 372 points or 0.99 per cent lower at 37,090 marking its third nine-session losing streak in terms of losses the index incurred. Sensex lost 1,977 points or 5.06% since April 26 when it closed at 39,067 points.

Investors lost Rs 8.53 lakh crore in market capitalisation during the period with the country slipping one slot on the world's most valuable markets list.  On the other hand, Nifty lost over 600 points or 5.2% in the past nine sessions- its longest losing streak since May 2011.

Earlier in February this year, Sensex fell for nine consecutive sessions. From February 6, 2019 to February 19, 2019, the index lost 1,219 points or 4.39%.   

Jyoti Roy, Equity Strategist (DVP) at Angel Broking said,"Recent fall in markets have been on account of multiple factors including a slowdown in the domestic economy in the aftermath of the IL&FS crisis and its impact on the NBFC sector. The slowdown is very much reflected in high frequency data points like Auto sales numbers and IIP growth which has slowed down to 0.8% for the period between Nov'18 to Mar'19 as compared to average growth of 5.7% between April-October 2018.

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