Market erases all gains, Nifty falls below 23,300
At close, the Sensex was down 422.59 points or 0.54% at 77,155.79, while the Nifty fell 168.60 points or 0.72% at 23,349.90.
Domestic benchmarks ended over 1.6 per cent lower on Friday tracking losses in index majors Reliance Industries, HDFC and Infosys amid a selloff in global equities.
The S&P BSE Sensex tanked 633.76 points or 1.63 per cent lower at 38,357.18 levels with Axis Bank being the top loser, shedding over 4 per cent. On the other hand, Maruti and TCS finished with gains.
On the NSE, Nifty50 plunged 193.60 points or 1.68 per cent to close at 11,333.85.
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Other than Axis Bank, Tata Steel, SBI, NTPC, Bharti Airtel, ITC and ICICI Bank, were among the other laggards on the BSE.
Reliance Industries (down by 1.65 per cent; HDFC (closed 0.96 per cent lower) and ICICI Bank (ended 2.60 per cent lower) contributed to the fall of the Sensex.
According to traders, domestic markets followed the massive selloff in global equities.
Stock exchanges on Wall Street ended with heavy losses in overnight session led by a carnage in technology stocks.
Following suit, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended up to 1.25 per cent lower.
On the other hand, stock exchanges in Europe opened on a positive note.
Through the week, the market remained cautious on weaker-than-expected GDP number and lacklustre GST collections even though PMI and auto sales showed some improvement, said Sanjeev Zarbade, VP PCG Research, Kotak Securities.
Indo-China border tensions, rising cases of infections, global market correction and valuations are the key risks to the domestic market, he added.
In the forex market, the rupee appreciated 33 paise to close at 73.14 against the US dollar.
Meanwhile, global oil benchmark Brent crude was trading 0.91 per cent higher at USD 44.47 per barrel.
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