Business

Indian Equity Markets Plunge Amid Profit-Taking

Indian equity markets experienced a significant downturn on Friday as investors engaged in profit-taking following recent gains.

At the close of trading, the Sensex plummeted 885 points, or 1.08%, settling at 80,981, while the Nifty dropped 293 points, or 1.17%, to end at 24,717.

The broad-based sell-off led to a substantial market capitalisation (MCAP) loss of over Rs 4 lakh crore across all listed companies on the BSE.

The broader market indices also faced declines.

The Nifty Midcap 100 index finished at 57,913, down 576 points or 0.99%, and the Nifty Smallcap index closed at 18,800, down 149 points or 0.79%.

All major sectors saw declines except for Pharma.

The Auto, IT, PSU Bank, Metal, Realty, and Infra sectors recorded notable losses.

Within the Sensex constituents, Maruti Suzuki, Tata Motors, JSW Steel, Wipro, Tata Steel, L&T, M&M, and TCS were among the top decliners.

Conversely, HDFC Bank, Sun Pharma, Kotak Mahindra Bank, and Nestle emerged as the top gainers.

Rupak De, Senior Technical Analyst at LKP Securities, commented on the market trend.

He stated, “The Nifty has sharply declined amid a global sell-off. Technically, it has shown a bearish pattern after forming a spinning top on the daily chart. The RSI indicator is indicating a downward trend, suggesting a bearish crossover. The market sentiment seems to be leaning towards a ‘sell on rise’ strategy as long as the Nifty remains below 24,800. On the downside, we may see the Nifty approach levels around 24,530 or even 24,400.”

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Mankrit Kaur

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