Equity investors lost Rs 8.86 lakh crore in market wealth on Friday as benchmark indices plunged over 2 per cent amid escalating tensions in West Asia and a sharp surge in crude oil prices.
The 30-share BSE Sensex dropped 1,690.23 points, or 2.25 per cent, to close at 73,583.22. During intraday trade, it had fallen 1,739.04 points, or 2.31 per cent, to 73,534.41. The broader market mirrored the decline, with heavy selling pressure across sectors.
Tracking the fall in equities, the total market capitalisation of BSE-listed companies declined by Rs 8,86,383.92 crore to Rs 4,22,15,450.82 crore (USD 4.46 trillion).
Investor sentiment remained under strain due to persistent geopolitical uncertainty in West Asia, coupled with rising crude oil prices. Brent crude, the global oil benchmark, rose 2.93 per cent to USD 111.2 per barrel, intensifying inflationary concerns and adding pressure on import-dependent economies like India.
The weakening rupee and continued outflow of foreign institutional investments further dampened market confidence, analysts said.
Among Sensex constituents, Reliance Industries emerged as the biggest laggard, falling 4.55 per cent. Other major losers included InterGlobe Aviation, Bajaj Finance, State Bank of India and HDFC Bank.
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On the other hand, Tata Consultancy Services, Bharti Airtel, Power Grid Corporation of India and Sun Pharmaceutical Industries managed to post gains, offering limited support to the indices.
“Indian equity markets witnessed a steady and broad-based decline through the session, with sentiment remaining clearly subdued despite President Donald Trump extending the pause on strikes targeting Iran’s energy infrastructure until April 6 and reiterating the possibility of diplomatic engagement,” Ponmudi R, CEO of Enrich Money, said.
“However, the reassurance failed to fully translate into market confidence, as Tehran continued its retaliatory actions following the US–Israel offensive, with no clear signs of alignment on US proposals,” he added.
Market breadth remained decisively negative, with 3,544 stocks declining, 822 advancing and 135 remaining unchanged on the BSE.
Ajit Mishra, SVP (Research) at Religare Broking Ltd, said: “Investor sentiment remained fragile due to a lack of clarity surrounding geopolitical tensions between the US and Iran, which once again pushed crude oil prices above the USD 100 mark. In addition, persistent FII outflows and sharp weakness in the rupee further weighed on risk appetite.”
In the holiday-shortened week, the Sensex declined 949.74 points, or 1.27 per cent, while the Nifty dropped 294.9 points, also down 1.27 per cent.
Analysts expect volatility to persist in the near term, with global cues, crude oil prices and geopolitical developments continuing to drive market direction.
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