Stock Market: Sensex Tanks 1,021 Points, Nifty Settles Below 17,350 Amid Fears Of Global Recession

Stock update: Power Grid slumped 7.93 per cent. The other major losers were Mahindra & Mahindra, State Bank of India, Bajaj Finserv, Bajaj Finance, NTPC, HDFC and IndusInd Bank on the BSE

In the broader markets, the BSE MidCap and SmallCap indices underperformed the frontline indices as they declined between 2 per cent and 2.3 per cent.

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Sensex and Nifty, the two key equity benchmarks, on Friday declined sharply as the market went into a tailspin amid fears of global recession. The two domestic indices fell by nearly 2 per cent each, extending their decline for the third day running, amid an overall bearish trend in global markets.

The 30-share BSE Sensex tanked 1,021 points (1.73 per cent) to end at 58,098. During the day, it tumbled 1,137 points to 57,981. The broader NSE Nifty plummeted 302 points (1.72 per cent) to end at 17,327.

On the 30-share Sensex platform, Power Grid slumped 7.93 per cent. The other major losers were Mahindra & Mahindra, State Bank of India, Bajaj Finserv, Bajaj Finance, NTPC, HDFC and IndusInd Bank. On the flip side, Sun Pharma, Tata Steel and ITC were the only gainers.

Among stocks, shares of Tata Group were in spotlight on Friday after the multinational steel-major Tata Steel announced merging all its group metal firms with itself.

#StockMarket | Indian equity benchmarks closed in red on Friday. At 03:30 pm, #Sensex tanked 1021 points to 58,098 & #Nifty dropped by 302 points to 17,327.#ClosingBell pic.twitter.com/XTLf4PZqiX

— ABP LIVE (@abplive) September 23, 2022

In the broader markets, the BSE MidCap and SmallCap indices underperformed the frontline indices as they declined between 2 per cent and 2.3 per cent.

Sectorally, the Nifty PSU Bank index plunged 4 per cent, while the Nifty Bank, Private Bank, and Realty indices fell 2.6 per cent each.

In the previous session on Thursday, the BSE benchmark had declined 337 points (0.57 per cent) to settle at 59,119, while the Nifty dipped 88 points (0.50 per cent) to end at 17,629.

Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong ended lower. European bourses were trading in the red in mid-session deals. The US markets ended in the negative territory on Thursday.

Meanwhile, the international oil benchmark Brent crude declined 1.87 per cent to $88.77 per barrel.

Foreign institutional investors (FIIs) offloaded shares worth a net Rs 2,509.55 crore on Thursday, according to data available with the BSE.

The rupee slumped 19 paise to close at a fresh lifetime low of 80.98 against the US dollar on Friday, weighed down by the strong American currency overseas and risk-off sentiment among investors.

At the interbank foreign exchange market, the local currency breached the 81-mark for the first time ever and slumped to 81.23 against the American currency. It finally ended at 80.98, down 19 paise over its previous close.