The Indian benchmark indices have closed Friday over 3.5% lower. The Indian cues followed their global peers. The global selloff weighed on the Indian markets and resulted in the investor’s wealth being eroded by a massive Rs 5.3 lakh crore today. Sensex witnessed its most significant loss in the last ten months.
The S&P BSE Sensex crashed by 3.8% or 1,939.32 points over Friday. It closed the week at 49,099.99 points. The market trend was such that all the thirty stocks that form the Sensex index closed in the red. ONGC and M&M led the losses in the index. Their share price was reduced by 6.6% and 6.35%, respectively.
The other stocks to close the day over 5% lower are Axis Bank, Kotak Bank, Bajaj Finserv, PowerGrid, HDFC and Bajaj Finance. The following stocks wrapped up Friday over 4% down: Asian Paints, Tech Mahindra, SBI, IndusInd Bank, L&T, HDFC Bank, UltraTech Cement and ICICI Bank.
The share price of the Indian majors Infosys, Reliance, TCS tanked 1.76%, 2.84% and 3.24%, respectively. Nestle India, NTPC and Maruti lost the least among the Sensex stocks. Their share price was reduced by 0.1%, 0.69% and 0.79%, respectively. The Sensex index lost 1,547.78 over the week.
The NSE Nifty 50 index closed the day at 14,529.15 points. The index gave up 3.76% or 568.20 points over the day. Like Sensex, none of the Nifty 50 stocks closed the day higher. ONGC and M&M lost the most in the index. Their share price fell by 6.38% and 6.30%, respectively, over the day.
PowerGrid, Bajaj Finserv, GAIL, JSW Steel, Hero MotorCorp were the other stocks to shed over 6% over the day. Nestle India and NTP lost the least among all Nifty stocks. Their share price was condensed by 0.25% and 0.93%, respectively. Over the week, Nifty was reduced by 359.45 points.
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Engineer by qualification, financial writer by choice. I am always open to learning new things.
