Indian markets tumble: Sensex, Nifty plunge; investors lose Rs 2 lakh crore amid global jitters

Mumbai (The Uttam Hindu): Indian stock markets closed with significant losses on Friday due to weak global cues. The Sensex was down 465.75 points, or 0.55 percent, at 83,938.71, and the Nifty was down 155.75 points, or 0.60 percent, at 25,722.10.

Most market indices closed in the red. The biggest losers were Nifty Media (1.32%), Nifty Metal (1.09%), Nifty Services (0.91%), Nifty Healthcare (0.89%), and Nifty Commodities (0.84%). Meanwhile, Nifty PSU Bank (1.56%), Nifty India Defence (1.03%), and Nifty PSE (0.11%) closed with gains.

Investors lost Rs 2.04 lakh crore

The total market capitalization of BSE-listed companies increased to Rs 470.32 lakh crore today, from Rs 472.36 lakh crore on the previous trading day. Thus, the market cap of BSE-listed companies declined by approximately Rs 2.04 lakh crore today. In other words, investors' wealth declined by approximately Rs 2.04 lakh crore.

Midcap and smallcap indices also underperformed. The Nifty Midcap 100 index fell 270.35 points, or 0.45 percent, to 59,825.90, and the Nifty Smallcap 100 index declined 88.90 points, or 0.48 percent, to 18,380.80. Among the Sensex pack, BEL, L&T, TCS, ITC, and SBI were the gainers. Eternal (Zomato), NTPC, Kotak Mahindra Bank, ICICI Bank, Bajaj Finserv, Power Grid, Trent, HDFC Bank, UltraTech Cement, Bajaj Finance, Sun Pharma, and Tata Steel were the top losers. Market analysts said the Indian stock market closed lower after a volatile day. The reasons for this were the strong dollar, combined with renewed selling by FIIs following negative interest rate comments from Fed Chairman Jerome Powell.

He further said that investors are currently booking profits in the market, and therefore, buying on dips would be a good strategy. The Indian stock market started with a slight increase. At around 9:25 am, the Sensex was trading at 84,558.29, up 153.83 points, or 0.18 percent. Meanwhile, the Nifty was at 25,911.80, up 33.95 points, or 0.13 percent.