Mumbai: Markets on Friday tumbled on the back of broad-based selling with financials and metal stock leading the losses. The Sensex shed almost over 700 points to touch 51,601 at day's low while Nifty crossed 15,500 levels.
ONGC remained the top laggards as the stock lost 3 per cent followed by State Bank of India which was down 2 per cent. PowerGrid, Axis Bank, and Maruti Suzuki were among the top losers in Sensex. Adani Ports was also among the top drags.
While Bajaj Finserv, Infosys, HCL Tech, TCS, Sun Pharma, HUL, Dr Reddy’s hold the fort with top Sensex gainers.
On Thursday, the Sensex closed at 52,323.33, down 178.65, or 0.34 per cent, while the Nifty closed at 15,680.30, down 87.25 points, or 0.55 per cent.
What's the reason behind the crash?
The broader markets remained under severe selling pressure with BSE midcap, smallcap indices falling over 2 per cent. The rupee continued with losses on Friday after witnessing a sharp fall in the previous session. The rupee opened at 74.10 per dollar on Friday against the previous close of 74.08. This is the lowest opening for the rupee in two months.
SBI shares were among the losers. US private equity fund CA Rover Holdings, an affiliate of Carlyle Asia Partners, is reportedly looking to sell 5.1 per cent stake in SBI Cards and Payment Services worth $682 million ( ₹5,000 crore) through a block deal on Friday.
A total of 52 companies, including Ashoka Buildcon, GMR Infrastructure, Hinduja Global Solutions, Insecticides (India) and Welspun Specialty Solutions are set to release their quarterly earnings on Friday.
Adani Group stocks took a severe hit on June 14 after reports said the National Securities Depository Ltd (NSDL) froze accounts of three foreign funds that were among the top stakeholders in the port-to-energy conglomerate. However, the group denied any such development.