D-Street witnessed a bloodbath on Friday with equity benchmark indices losing close to 2 per cent over concerns global trade tensions with US increasing tariffs, the latest being 10 per cent on imports from China.
The market experienced a sharp decline amid heightened bearish sentiment largely influenced by weak global cues, according to Vinod Nair, Head of Research, Geojit Financial Services. FII outflows continued.
Adding on to this, Vikram Kasat, Head – Advisory, PL Capital, quoted, “everyone is holding their breath waiting for the GDP numbers to come out. It’s been a tough few months; since September, the Nifty’s down 18 per cent, and the Sensex has lost 16 per cent, which is a lot of money disappearing. Plus, foreign investors have been pulling out a ton of cash, which is not helping.”
Sensex plummeted 1414.33 pts or 1.90 per cent to close at 73,198.10, and Nifty 50 tanked 420.35 pts or 1.86 per cent to 22,124.70.
Nifty midcap 100 and smallcap 100 declined 2.49 per cent and 3.01 per cent to 47,915.20 amd 14,700.20, respectively.
All sectoral indices experienced sell-off, with Nifty IT significantly falling 4.18 per cent to 37,318.30. Auto index also dropped nearly 4 per cent.
“Adding to market jitters, the potential imposition of tariffs on the European Union has further fuelled uncertainty. As investors navigate this volatility, all eyes are on the domestic Q3 GDP data, which could provide vital insights into the economic recovery trajectory and influence market direction., Nair added.
Top gainers & losers today
Shriram Finance, HDFC Bank, Coal India, Trent and Hindalco closed among major gainers of Nifty 50 pack, while IndusInd, Tech Mahindra, Wipro, Bharti Airtel and M&M dragged.
Leading the gainers, Shriram Finance stock closed 2.01 per cent positive at ₹619. HDFC Bank followed with 1.73 per cent increase to ₹1,730.15.
Coal India shares settled at ₹368.5, up 1.28 per cent, after hitting an intraday high of ₹375.75.
Trent and Hindalco shares inched up to close among gainers of Nifty 50 constituents by 0.69 per cent and 0.32 per cent at ₹4,838.65 and ₹634, respectively.
Meanwhile, IndusInd Bank shares tumbled 7.11 per cent to close at ₹972.3. Two IT majors, Tech Mahindra and Wipro followed with a loss of 6.44 per cent and 5.43 per cent ending at ₹1,485.95 and ₹278.5, respectively.
In addition, Bharti Airtel and Mahindra & Mahindra stock ended nearly 5 per cent lower at ₹1,569.1 and ₹2,595, respectively.
Only 490 stocks advanced on the National Stock Exchange, with 2,414 shares depreciating out of 2,972 that were traded in total. Adani Green Energy, ACC, IRFC, ABB India and MobikWik were among the 789 stocks that hit a 52-week low on Friday’s trading session.
On the BSE, Jindal Worldwide rallied 20 per cent and Home First Finance jumped 11.56 per cent. On the losing side were Redington and Granules, closing nearly 10 per cent lower.