Share market today: The two key equity benchmarks, Sensex and Nifty, plunged sharply on Friday tracking subdued global trends. At 10.20 am, the BSE Sensex tanked 807 points to 81,060. On the other hand, the NSE Nifty50 was trading at 24,761, slipping 250 points.


On the 30-share Sensex platform, barring HDFC Bank and HUL, the rests 28 constituents are trading in the red. Tata Motors declined the most, 3.75 per cent, Maruti, JSW Steel, Tata Steel, L&T, and SBI were the other main losers.


Here are some of the key reasons why Indian share market declined drastically on Friday.


Global Markets Tumble Amid Economic Concerns


Global sentiment soured on Friday as the US market experienced a sharp decline overnight due to disappointing economic data. Weekly jobless claims in the US rose, and manufacturing growth contracted more than expected, raising concerns about the robustness of the economic recovery.


Profit Booking


In India, the BSE Sensex, which had surged over 1,800 points in the last six trading sessions, breached the 82,000 mark for the first time on Thursday. Similarly, the Nifty index crossed the 25,000 mark, closing at record highs for three consecutive days.


Geopolitical Tensions


Adding to market jitters, the assassination of Hamas leader Ismail Haniyeh in Tehran on Wednesday has sparked fears of escalating conflict between Iran and Israel, further unsettling global markets.


Nifty50 Technical Analysis


Anand James, Chief Market Strategist at Geojit Financial Services, noted that the repeated challenges at 24,970 following a gapped-up opening on Thursday indicate potential distribution. If the Nifty fails to stay above 24,850, a further decline towards intermediate supports at 24,750 and 24,600 could be expected. Conversely, a pullback above 24,850 could redirect the Nifty towards the 25,192-25,800 range.


In the broader markets, Nifty Smallcap and Nifty Midcap declined 1 per cent each.


Sectorwise, Nifty Auto and Metal dropped nearly 2 per cent.


In the previous session on Thursday, the Sensex settled with gains of 126 points to 81,867, while the NSE Nifty50 ended 10 points above the 25,000 levels at 25,010.