India’s benchmark stock index fell for the second week in a row as of September 23, as global sentiment sank after the Federal Reserve raised interest rates by 75 basis points. Steady gains in the dollar, rupee falling to new lows, FII sell-off, Bank of England rate hikes and rising US 10-year bond yields weighed on investor sentiment.

Over the past week, the BSE Sensex lost 741.87 points, or 1.26%, to end at 58,098.92, while the Nifty50 lost 203.55 points, or 1.16%, to end at 17,327.30. Sensex and Nifty both fell more than 2% in September.

Sector-wise, the BSE Power index fell 5%, the BSE Realty index fell 4%, and the BSE Capital Goods index fell 3%. However, the BSE FMCG index rose 3.6%, while the BSE healthcare and automotive indices each gained 1%. The BSE Smallcap, Midcap and Largecap indices all fell 1% last week.

Foreign institutional investors (FII) sold shares worth Rs 4,361.77 crore in the past week. On the other hand, domestic institutional investors (DII) bought shares worth Rs 1,137.96 crore. So far in September, FIIs have sold shares worth Rs 2,445.82 crore, while DIIs have sold shares worth Rs 1,868.54 crore. The BSE small-cap index fell 1.3%, dragged down by Vinyl Chemicals (India), Sindhu Trade Links, KBC Global, Can Fin Homes, Future Lifestyle Fashions, JSW Holdings, Navkar Corporation, Balmer Lawrie Investment and Tata Investment Corporation.

However, winners include JTL Infra, Dish TV India, PC Jeweller, Schneider Electric Infrastructure, Hercules Hoists, Indian Travel Finance Corporation, Shree Renuka Sugars, Sterling and Wilson Renewable Energy and DB Realty. The BSE 500 fell 1%, led by Can Fin Homes, Mahindra & Mahindra Financial Services, India Grid Corporation, Tata Investments, PCBL, Fortis Healthcare and Mangalore Refinery and Petrochemicals.