The Indian stock market fell for the fifth straight day on Friday, weighed down by foreign investor sell-offs, dismal Q2 earnings, and valuation concerns.
The major indices fell for the fourth week in a row, the biggest weekly drop since August 2023, with the Nifty50 and Sensex both losing more than 7%.
The BSE Sensex dropped 662.87 points, or 0.83%, to close at 79,402.29, while the Nifty50 fell below the key 24,200 level, closing at 24,180.80, down 218.63 points, or 0.9%.
Major losses were led by IndusInd Bank (down 18.99%), Adani Enterprises, Shriram Finance, BPCL, M&M, Coal India, L&T, NTPC, Adani Ports, Tata Consumer Products, and Bajaj Finance, all falling over 2%.
ITC, Axis Bank, HUL, Britannia Industries, Sun Pharma, Kotak Bank, Bharat Electronics, and HCL Tech all made minor increases of up to 2.2%.
Broader markets also suffered, with the BSE MidCap index falling 1.48% and the SmallCap index falling 2.4%, both nearing correction territory following an almost 9% drop in the previous week.
Friday's trading saw a bearish trend dominate, as nearly 3,087 BSE stocks closed in the red, compared to 856 gainers.
The total market capitalisation of BSE-listed firms stood at Rs 437.7 trillion.
Among sectors, Nifty Auto, Media, Metal, and PSU Bank indices each fell by 2%, while defensive sectors like Nifty Pharma and FMCG gained up to 0.88%.
Follow us
