Sensex Falls 332 Points, Nifty Slips Below 24,000 on Global Cues
- Sensex fell 332 points to close at 79,845; Nifty slipped 98 points to 23,985.
- Global recession fears and weak US job data triggered broad-based selling.
- Banking and IT stocks were the worst hit; HDFC Bank and Infosys led losses.
Indian stock markets ended in the red on Friday, tracking a global sell-off triggered by renewed fears of a recession in the United States. The BSE Sensex fell 332 points to close at 79,845, while the NSE Nifty slipped 98 points to settle at 23,985, below the psychologically important 24,000 mark.
Global cues weigh heavy
Weak US jobless claims data and a sharp drop in consumer confidence readings spooked investors across Asia. Japan’s Nikkei and South Korea’s Kospi both lost over 1 percent. European indices also opened lower.
Back home, foreign portfolio investors were net sellers for the third consecutive session, pulling out over Rs 1,200 crore from equities. Analysts said the mood was cautious ahead of the US Federal Reserve’s policy meeting next week.
Banking, IT stocks drag
Banking stocks bore the brunt of the sell-off. HDFC Bank fell 1.8 percent, while ICICI Bank and State Bank of India lost over 1 percent each. The Nifty Bank index dropped 0.8 percent.
Information technology stocks also declined. Infosys and TCS shed nearly 1.2 percent each, hurt by fears of slower demand from key markets in the US and Europe. The Nifty IT index fell 0.9 percent.
Broader market mixed
Mid-cap and small-cap stocks showed some resilience. The BSE Midcap index ended flat, while the Smallcap index inched up 0.1 percent. Analysts noted that domestic institutional investors continued to provide support, buying shares worth Rs 850 crore.
Sectorally, only auto and pharma indices managed to close in the green. Maruti Suzuki and Sun Pharma rose 0.5 percent each. Metals and realty stocks were the other major losers, falling over 1 percent each.
What lies ahead
Market participants will now focus on the US jobs report due later Friday and the Fed’s interest rate decision next week. Any hawkish stance could trigger further volatility in emerging markets like India. Domestic cues such as the monsoon progress and quarterly earnings season will also be watched closely in the coming days.