Market turmoil: Indian stocks dive, investors lose Rs.8 lakh crore

Sensex was down 738 points and Nifty plummeted 269 points

Sensex was down 738 points and Nifty plummeted 269 points
Sensex was down 738 points and Nifty plummeted 269 points

Sharp selloff hits Indian stock market

On Friday, the Indian equity market experienced a significant selloff, influenced by weak global cues and profit-taking at elevated levels.

Sharp selling pressure was also seen in midcap and smallcap stocks.

At closing, Sensex was down 738 points or 0.91 percent, at 80,604 and Nifty ended at 24,530, down 269 points or 1.09 percent. Nifty Bank closed at 52,265, down 355 points or 0.67 percent.

The Nifty Midcap 100 index fell 1,202 points or 2.11 percent to 55,908 and the Nifty Smallcap 100 index fell 431 points or 2.29 percent to 18,397. As many as 26 out of 30 Sensex stocks closed in the red.

Due to the fall in the market, the market cap of the Bombay Stock Exchange (BSE) declined to Rs.446.3 lakh crore at the end of trading, against Rs.454.3 lakh crore at the end of the previous trading session.

Tata Steel, JSW Steel, NTPC, Tata Motors, UltraTech Cement, Tech Mahindra, Wipro, Power Grid, Mahindra & Mahindra, Bajaj Finance and IndusInd Bank were the top losers. Infosys, ITC, Asian Paints, and HCL Tech were the top gainers.

Rupak De, Senior Technical Analyst at LKP Securities said: “Bank Nifty closed at its day’s low, forming a bearish candlestick on the daily chart. The active call writing and put covering suggest weaker sentiment. Traders should maintain a sell-on-rise strategy, with resistance at 52,500. Bullish positions are recommended only if the index closes above 52,500. Further weakness is expected if it closes below its 21-day EMA at 52,000.”

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