Stock Market Crash: Sensex Plummets 950 Points, Nifty Below 24,000 Mark
Market breadth remained deeply negative, with 2,577 stocks declining, 784 advancing, and 101 remaining unchanged
Indian benchmark indices crashed on Friday, with the Sensex declining over 900 points. At around 2:15 pm, the Sensex plunged 953.94 points, or 1.19 per cent, to reach 79,380.87, while the Nifty slipped 288.30 points, also 1.19 per cent, to 23,985.50. Market breadth remained deeply negative, with 2,577 stocks declining, 784 advancing, and 101 remaining unchanged.
The Nifty 50 index opened at 23,935 on Friday and briefly approached the 24,000 mark amid some value buying. However, it remains below its key 200-day exponential moving average (200-DEMA) support level of 24,050, indicating continued technical weakness.
The BSE Sensex opened lower at 78,968 and slipped to an intraday low before rebounding to reclaim the 79,000 level. Despite the recovery, the benchmark index is still trading over 800 points down, hovering around 79,925.
Selling pressure was particularly heavy in frontline banking stocks. The Bank Nifty opened weak at 53,595 and quickly dropped to an intraday low of 53,525.50 within minutes of the opening bell, reflecting broader concerns in the financial sector.
By 2:30 pm, the Nifty 50 had slipped to an intraday low of 23,935, marking a sharp drop of 338 points from Thursday’s close of 24,273. The BSE Sensex also saw significant losses, plunging to 78,968, down over 1,350 points from the previous session.
The Bank Nifty mirrored the broader market weakness, hitting an intraday low of 53,525, a decline of roughly 840 points from Thursday’s close of 54,365.
Amid rising geopolitical tensions and speculation over a potential India-Pakistan conflict, market volatility spiked. The India VIX, often referred to as the market’s fear gauge, rose sharply to 21.90, registering a gain of over 4.25 per cent from its previous close.
According to stock market analysts, the sharp decline in Indian equities can be attributed to five key factors: escalating tensions between India and Pakistan beyond anticipated levels, weak global market sentiment, a strengthening US dollar, renewed buying in crude oil pushing prices higher, and the lack of a clear resolution in ongoing India-US trade negotiations.
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