The sudden sell-off on Dalal Street spooked the investors across the board. The headline indices took a sudden 'U-turn' on Friday to give up early gains and crash rapidly. Selling in the index heavyweights counter amid the feeble global weight on the global markets. BSE Sensex tumbled more than 1,625 points from its day's high at 75,095.18 to 73,467.73, while NSE's Nifty50 crashed nearly 450 points to 22,348.05, from its day's high at 22,794.70. Broader markets also saw some selling pressure as BSE midcap and smallcap indices shed between half a per cent and three-fourth a per cent each. Fear gauge India VIX spiked about 14 per cent on an intra-day basis, while select heavyweight sectors were the key laggards on the index. The Nifty oil & gas, IT and PSU Bank indices dropped 1-1.25 per cent each, while the Nifty realty and auto indices tumbled up to one per cent each. Even the total market of all BSE listed companies tumbled more than 4.25 lakh crore. Of the fall, more than 25 per cent contribution came from the the top-three biggest companies of the Indian markets. The biggest homegrown companies including Reliance Industries Ltd (RIL), Tata Consultancy Services Ltd (TCS) and HDFC Bank Ltd lost more than Rs 1.10 lakh crore of mcap mid the session. Shares of Mukesh Ambani-led oil-to-telecom conglomerate RIL tumbled more than 3.4 per cent from day's high to Rs Rs 2832.70. The selloff erased Rs 67,255 crore of mcap of the company from its previous close. The total valuations of RIL shares dropped to Rs 19.16 lakh crore from Rs 19.83 lakh crore. IT major TCS wiped out Rs 23,770 from investors kitty as the total market valuation of the company dropped to Rs 13.97 lakh crore from Rs 13.74 lakh crore. The largest software exporter of India saw a fall of 1.7 per cent to Rs 3798.05 on an intra-day basis. HDFC Bank also dropped 1.67 per cent to Rs 1,507.25 during the Friday's session. However, the mcap of the largest private lender of Indian markets dropped by 19,652 crore to Rs 11.46 lakh crore from Rs 11.65 lakh crore in the previous trading session on Thursday.
On three Sensex stocks, Bajaj Finance, Bajaj Finserv and ICICI Bank were trading in green. All other 27 stocks were trading in red at the time of writing this report. On an individual basis, Reliance contributed about 200 points in the Sensex's fall. Larsen & Toubro and HDFC Bank also contributed 100 points each in the fall.