Stock Market: Sensex Crashes 460 Points, Nifty Settles Just Above 17,100 Amid Volatility

Stock Update: Axis Bank, Coal India, Adani Ports, Power Grid, Maruti Suzuki, Bajaj Auto, ONGC, Wipro, and Britannia were the prime losers, down between 2.5 per cent and 4 per cent on the BSE

In the broader markets, the Midcap and Smallcap indices slipped about 1 per cent each. Image: Getty ( Image Source :Getty )

New Delhi: Sensex and Nifty, the key equity benchmarks, on Friday pared their gains amid high volatility at the fag end of the selling in Axis Bank, Reliance, and Infosys.

The 30-share BSE Sensex tumbled 460 points to end at 57,060, while the broader NSE Nifty ended day’s trade at 17,102, down 142 points.

On the BSE platform, Axis Bank, Coal India, Adani Ports, Power Grid, Maruti Suzuki, Bajaj Auto, ONGC, Wipro, and Britannia Industries were the prime losers, down between 2.5 per cent and 4 per cent.

On the flipside, HDFC Life, Tata Consumer Products, Kotak Bank, Sun Pharma, HDFC Bank, Tata Motors, Tata Steel, and Ultratech Cement were the only gainers.

Among the 30 constituents on the BSE, 22 indices settled in the red.

In the broader markets, the Midcap and Smallcap indices slipped about 1 per cent each. Sectorwise, all the indices ended the day in the red zone, dragged by Nifty Oil and Gas index, down 2.5 per cent. 

Among the specific stocks, Axis Bank was the biggest loser on the BSE, down 6.5 per cent, as analysts do not expect valuation to catch up with peers in light of the NII undershoot, impending dilution to fund the Citi deal, and higher operating expenditure guidance.

In the previous trading on Thursday, the BSE benchmark had jumped 701 points (1.23 per cent) to end at 57,521. The Nifty rallied 206 points (1.21 per cent) to 17,245.

In the Asian markets, Hong Kong, Shanghai, and Seoul clocked sharp gains. European markets were also trading in the positive zone in the afternoon session.

Stocks in the US had ended with significant gains on Thursday.

Meanwhile, international oil benchmark Brent crude gained 1.91 per cent to $109.65 per barrel.

According to stock exchange data, foreign institutional investors (FIIs) turned net buyers after their continuous selling spree for the past many days, as they bought shares worth Rs 743.22 crore on Thursday.