Share Market Today: Sensex Tanks 1017 Points; Nifty Ends Below 24900. Here's Why

Share market today: On the 30-share Sensex platform, SBI, ICICI Bank, NTPC, HCLTech, Reliance, Tata Motors slumped in the red

Share market today: Investors suffered a major blow on Friday morning as Rs 4.12 lakh crore in market value was erased, driven by a sharp market correction.

Source : ABPLIVE AI

Share market today: The two key equity benchmark indices, Sensex and Nifty, on plunged over 1 per cent, tracking a weak trend in global markets and fresh foreign fund outflows. During closing, the 30-share BSE Sensex was sank 1,017 points at 81,184. On the other hand, the NSE Nifty 50 settled at 24,852, dropping 293 points.

Stock update

On the 30-share Sensex platform, SBI, ICICI Bank, NTPC, HCLTech, Reliance, Tata Motors slumped in the red. On the flip side, Asian Paints, Bajaj Finance, JSW Steel, and HUL were the only gainers.

In the broader markets, the BSE Smallcap lost 0.96 per cent, while the BSE Midcap fell 1.41 per cent.

Investor wealth

Investors suffered a major blow on Friday morning as Rs 4.12 lakh crore in market value was erased, driven by a sharp market correction. The downturn was linked to weak global cues and fresh foreign fund outflows.

Sectoral update

All sectoral indices on the NSE ended in the red, with the PSU Bank index seeing the steepest decline, falling 3.57 per cent. The Oil and Gas index followed, down 2.16 per cent. The Bank, Financial Services, and Auto sectors each dropped over 1 per cent, while the remaining indices saw declines of around 1 per cent.

In the previous session on Thursday, the BSE Sensex declined 151 points to end at 82,201, while the NSE Nifty50 dropped 54 points to settle at 25,145.

"The near-term trend in the market will be influenced by the US jobs data to be published tonight," said V K Vijayakumar, chief investment strategist, Geojit Financial Services.

Global update

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong settled lower. European markets were trading in the red. The US markets ended mostly in the negative territory on Thursday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 688.69 crore on Thursday, according to exchange data.

Meanwhile, global oil benchmark Brent crude climbed 0.14 per cent to $72.79 a barrel.