The country's stock market crashed during Friday's trading session, with both benchmark indices falling sharply. The Sensex and Nifty50 opened nearly 1% lower than their previous closing levels, and the fall deepened as the session progressed.
Due to this massive sell-off, the combined market capitalisation of companies listed on the Bombay Stock Exchange (BSE) eroded by approximately ₹9 lakh crore.
Benchmark indices extend losing streak to five weeks
In the final trading session of the week, the Sensex plunged 1,690 points or 2.24%, closing at 73,583. Meanwhile, the Nifty50 dropped 487 points or 2.09% to settle at 22,819.
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With this, both indices have now declined for five consecutive weeks, reflecting sustained bearish sentiment in the market.
Broader markets and sectoral indices bleed across the board
The sell-off was not limited to benchmark indices. Mid-cap and small-cap stocks also faced significant pressure, with the BSE 150 Mid Cap Index falling 2.18% and the BSE 250 Small Cap Index declining 1.82%.
All sectoral indices traded in the red during the session. While Nifty IT initially showed some resilience, it too slipped into negative territory before market close.
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Out of the 50 stocks listed on the Nifty50, only six managed to post gains, while 44 declined. Major laggards included Shriram Finance, Tata Motors PV, Reliance Industries, InterGlobe Aviation, Bajaj Finance, State Bank of India, Eicher Motors, Adani Enterprises and Bajaj Finserv.
On the gaining side, ONGC, Wipro, TCS, Bharti Airtel, Coal India and Power Grid managed to close higher.
Market experts attribute the sharp decline to a mix of factors, including geopolitical instability, rupee depreciation, rising fuel oil prices and continued outflow of foreign investments from Indian markets.
