Indian equity benchmarks fell sharply in Friday's trade, extending their fall for the fifth straight session. Domestic indices were dragged by banks, financials, automobile, metals, consumer goods and energy stocks. The BSE Sensex slumped over 850 points while the NSE barometer Nifty hit the sub-24,100 level. Last checked, the 30-pack Sensex was down 830 points or 1.04 per cent at 79,235. The NSE benchmark was down 302 points or 1.24 per cent at 24,098. Such was the fall in the domestic indices that around Rs 8.1 lakh crore of BSE market capitalisation (m-cap) was wiped out.
Persistent foreign outflow, anemic quarterly results and a surge in US treasury yields ahead of the US elections continued to dampen investor sentiment.
Here's a look at today's market fall in numbers:
Rs 8.1 lakh crore investor wealth lost
Investor wealth, as suggested by the BSE m-cap, fell Rs 8.14 lakh crore to Rs 435.64 lakh crore compared with a valuation of Rs 443.79 lakh crore recorded in the previous session. Frontline stocks such as IndusInd Bank, Reliance Industries Ltd (RIL), HDFC Bank, ITC, L&T, SBI, Infosys, Tata Consultancy Services (TCS) and ICICI Bank contributed to the fall today.
210 stocks hit 52-week lows on BSE
As many as 210 stocks hit their 52-week lows today. BSE 500 stocks such as Anupam Rasayan India, Bandhan Bank, Capri Global Capital, CreditAccess Grameen, CSB Bank and IDFC First Bank hit their respective one-year low levels. That said, 112 stocks touched their one-year high levels today.
3,209 stocks in the red
Out of 3,956 stocks, 3,209 stocks were seen declining. Only 665 stocks were advancing, while 82 stocks remained unchanged.
IndusInd Bank, Dixon Tech & Glenmark Life slumped up to 20%
Shares of IndusInd Bank, Dixon Technologies (India), Glenmark Life Sciences, VST Industries and Motilal Oswal Financial Services plunged up to 19.83 per cent.
Banks, financials & auto among top drags
For Sensex, the major culprits that dragged the index lower were IndusInd Bank, RIL, HDFC Bank, ITC, L&T, SBI, Infosys, TCS and ICICI Bank. IndusInd Bank, Reliance and HDFC Bank alone contributed negatively to a 274-point decline.
On NSE, 13 out of 16 sub-indices were down. Nifty Bank, Nifty Financial Services, Nifty Auto, Nifty Metal, Nifty Consumer Goods and Nifty Oil & Gas fell sharply.
FII-DII data
Foreign investors have been offloading Indian shares over the last 19 sessions, redirecting funds to China on Beijing's stimulus measures and relatively cheaper valuations. Foreign institutional investors (FIIs) sold Rs 5,062.45 crore worth of shares on a net basis during the previous session, while domestic institutional investors (DIIs) purchased Rs 3,620.47 crore worth of equity, according to stock exchange data.
Nifty outlook
"Looking ahead, a 'sell-on-rise' strategy is recommended, with the 24,550–24,700 range identified as a potential selling zone, as long as the index remains below 25,000. On the downside, the 24,200–24,000 range is viewed as a critical support level. Traders are advised to exercise caution, maintain strict stop-loss measures, and avoid holding long positions overnight to manage risk in this volatile environment," said Hardik Matalia, Derivative Analyst at Choice Broking.