Selling was observed in all sectors.
The 30-share BSE benchmark Sensex tumbled 739 points, or 0.91%, to settle at 80,604. The broader NSE Nifty plunged 270 points, or 1.09%, to end at 24,531.
Meanwhile, the market capitalisation of all listed companies on BSE declined by Rs 7.98 lakh crore to Rs 446.34 lakh crore.
Among the Sensex stocks, Tata Steel, JSW Steel, Tata Motors, NTPC, UltraTech Cement, and Tech Mahindra were the top laggards, falling 3-5%. Except for Infosys, ITC, Asian Paints, and HCL Tech, all Sensex constituents ended in the red.Infosys closed nearly 2% higher after the firm on Thursday raised its fiscal year 2025 revenue growth outlook to 3%-4% from 1%-3% earlier, helped by demand recovery.However, IT firm Persistent Systems fell 6.5% after reporting operating profit margins below analysts’ estimates.Sector-wise, Nifty Metal plunged nearly 4%, dragged by Tata Steel, Jindal Stainless, and NMDC. Meanwhile, Nifty Auto, Media, Realty, and Oil & Gas also declined over 2%. In the broader market, Nifty Midcap100 fell 2.%, and Nifty Smallcap100 dropped 2.3%.
Expert Views
“The domestic market closed on Friday with a downturn due to the global sell-off, triggered by operating system issues that caused devices to crash worldwide,” Vinod Nair, Head of Research, Geojit Financial Services.
“The global IT outrage has led to disruptions in various Indian industries. The overvalued market is also experiencing profit booking ahead of the budget next week. The recent performance has been bullish in anticipation of pro industry and populist measures,” Nair added.
Jatin Gedia, Technical Research Analyst at Sharekhan, said, “On the daily charts we can observe that the Nifty has faced resistance at the zone of 24850 – 24900 where Fibonacci levels were placed. The negative divergence and crossover on the momentum indicator indicates that the weakness can continue. In terms of levels, 24400 – 24350 is the crucial support zone while 24730 – 24780 shall act as a crucial resistance from short term perspective.”
Global Markets
World stocks edged lower on Friday as uncertainty across major economies added to headwinds for investors, while a global outage hitting services from airlines, banks and financial services capped a turbulent week in markets.
European stocks fell 0.5%, while London stocks slipped 0.4%. MSCI’s broadest index of Asia-Pacific shares outside Japan slid 1.7% and was headed for its worst week in three months with a nearly 3% loss.
Technology stocks continued to struggle in Asia, with South Korea’s tech-heavy KOSPI index and Taiwan stocks both falling 1% and 2.26%, respectively.
Crude Oil
Oil prices were little changed on Friday as a strong dollar and concern over top oil importer China’s economy were countered by a tighter supply outlook.
Brent crude prices fell by 8 cents, or 0.1%, to $85.03 a barrel. U.S. West Texas Intermediate crude futures fell 17 cents, or 0.2%, to $82.65 a barrel.
Rupee at record closing low
The rupee fell to its weakest closing level on record on Friday. The rupee closed at 83.6625 against the U.S. dollar, marginally lower compared with its close of 83.65 in the previous session. The currency was down 0.1% week-on-week.
(With inputs from agencies)
