 |
|
The Indian stock market experienced a significant downturn on Friday, with the benchmark BSE Sensex plummeting 662.87 points to close at 79402.29. This decline was attributed to widespread selling in frontline bluechip counters, indicating a bearish sentiment among investors. Several stocks witnessed a steep fall, exceeding 5% in their share value. Notably, IndusInd Bank emerged as the biggest loser, experiencing a substantial 18.55% drop in its stock price. This decline was followed closely by Poonawalla Fincorp, which registered a 16.89% drop. NRB Industrial, Abans Enterprises, and Bliss GVS Pharma also faced significant losses, with their share prices declining by 15.04%, 13.79%, and 13.19% respectively.
The overall market performance reflected a negative trend, with 39 out of the 50 stocks in the Nifty pack ending in the red. Conversely, only 11 stocks managed to close in the green, indicating a limited number of positive performers amidst the market downturn. The Nifty index itself closed at 24180.8, down 218.61 points from the previous day's closing. The significant decline in the Sensex and Nifty indices signals a broader market weakness and raises concerns about investor confidence and the overall economic outlook.
The decline in the stock market can be attributed to several factors, including rising inflation, interest rate hikes by central banks, and geopolitical tensions. These factors have created uncertainty in the market, prompting investors to adopt a cautious approach and reduce their equity holdings. The decline in the stock prices of specific companies, like IndusInd Bank and Poonawalla Fincorp, could be attributed to their individual financial performances, regulatory issues, or market-specific factors. However, the broader market downturn suggests a more systemic issue affecting investor sentiment and driving overall risk aversion.
Source: Stocks plunged news: Sensex falls! These stocks fell 5% or more in Friday's session