Share Market Closed: Friday was the last trading day of the week. Indian stock market witnessed a big fall. Major indices Sensex and Nifty closed lower (in the red) as the gas supply crisis worsened due to the prolonged conflict between the US and Iran. It was the third consecutive day of losses for the domestic stock market.
In late trade, the 30-share BSE Sensex fell 1.93 percent or 1,470.50 points to settle at 74,563.92. Meanwhile, NSE Nifty closed down 488.05 points or 2.06 percent at 23,151.10.
During intra-day trading, the Sensex opened at 75,444.22 and then fell to an intra-day low of 74,454.60. On the other hand, the Nifty 50 index opened at 23,462.50 and at one point touched an intraday low of 23,112. The broader market also saw sharper declines than the major indices; The Nifty Mid-Cap Index fell 2.65 percent, while the Nifty Small-Cap Index recorded a decline of 2.51 percent.
Sector-wise, the Nifty Metals index was hit by a decline of 5 percent and was the worst performing sectoral index. Nifty PSU Bank (down 3.72 percent) and Nifty Media (down 3.56 percent) also underperformed. Besides, Nifty Auto (3.60 percent), Nifty Bank (2.44 percent), Nifty Financial Services (2.04 percent), Nifty IT (1.72 percent) and Nifty FMCG (0.55 percent) indices also recorded losses.
Among the Nifty 50 group, L&T, Hindalco and Tata Steel were the top losers; The prices of these shares fell between 5.41 percent and 7.38 percent. Additionally, shares of JSW Steel, Grasim Industries, SBI, HDFC Life, BEL and TMPV were also among the top losers. In contrast, only two companies saw gains: Tata Consumer Products (up 2.29%) and Hindustan Unilever Limited (up 1.17%). Also, shares of Bharti Airtel registered marginal gains of 0.09%.
Investors faced huge losses as a result of this sharp drop during the day’s trading. The total market capitalization of companies listed on the BSE fell to around Rs 430 lakh crore from around Rs 440 lakh crore the previous day; As a result, investors lost approximately Rs 10 lakh crore in just one day.
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