Mumbai’s stock market closed in deep red on Friday, capping off a session marked by intense selling pressure. The BSE Sensex plunged 769.67 points, or 0.94%, to settle at 81,537.70, while the Nifty 50 shed 241.25 points, or 0.95%, ending at 25,048.65.
Realty and PSU banking stocks bore the brunt of the downturn, dragging key indices lower. The Nifty Realty index tumbled 3.34%, followed by Nifty PSU Bank at 2.27%, Nifty Energy at 1.92%, and others like Nifty India Defence (1.80%), Nifty Infra (1.69%), Nifty PSE (1.54%), and Nifty Commodities (1.38%). Nearly every major sector index finished in negative territory, reflecting broad-based weakness.
In the Sensex pack, gainers were limited to Tech Mahindra, HUL, Infosys, Asian Paints, TCS, Titan, and UltraTech Cement. However, heavyweights like InterGlobe Aviation (IndiGo), Axis Bank, Bajaj Finserv, Power Grid, BEL, SBI, Maruti Suzuki, NTPC, Bajaj Finance, Trent, L&T, Kotak Mahindra Bank, Bharti Airtel, and M&M pulled the index down sharply.
The sell-off extended beyond large-caps, with midcaps and smallcaps also under pressure. Nifty Midcap 100 fell 1,045.65 points or 1.80% to 57,145.65, and Nifty Smallcap 100 dropped 324.50 points or 1.95% to 16,352.75.
Market experts attributed the decline to the rupee hitting a record low against the dollar and sustained FII outflows, despite positive global cues and strong PMI data. Investor sentiment remains cautious amid these headwinds.
Looking ahead, the US Federal Reserve’s interest rate decisions and the upcoming Union Budget will be pivotal in shaping market direction. The session started on a positive note with global optimism, Sensex opening up 28 points at 82,335 and Nifty at 25,344 with a 55-point gain, but momentum faded quickly.