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Share Market sees worst single-day performance since March 30

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The Indian equity market saw a deep plunge on Friday as both Sensex and Nifty fell more that 3% by afternoon trading. This is the worst single-day performance since March 30. The Sensex tumbled 1,939 points or 3.8% to close at 49,099.99 and Nifty 50 index cracked 3.76% or 568 points to settle at 14,529.15.

Till 12:57 pm on Friday the Sensex was down 1,619 points or 3.2% to 49,419 and Nifty tumbled 3.3% or 502 points to 14,595.

The damage was relatively contained in the broader markets, where the S&P BSE MidCap and SmallCap indices were trading 2% and 1% lower, respectively.

Global market gloom is clearly reflecting in the Indian market. European and US stock futures were a sea of red. Eurostoxx 50 futures lost 1.7% while futures for Germany’s DAX and those for London’s FTSE dropped 1.3% each.

MSCI’s broadest index of Asia-Pacific shares outside Japan slid more than 3% to a one-month low, its steepest one-day percentage loss since May 2020.

Today’s Market pointers

Sensex is threatening to give up 49,000 ahead of the closing bell. This would take the benchmark index down to levels last seen on February 1.

All Sensex constituents were sitting deep in red on Friday, just ahead of the closing bell.

ONGC was the worst performer, down 7%. This was followed by Mahindra & Mahindra, power grid, Axis Bank, and Bajaj Finserv.

Nifty slipped below 14,500 for the first time since February 2, while the benchmark BSE Sensex nosedived 2,100 points on Friday as domestic markets mirrored the global sell-off.

Nifty gave up 14,500 on Friday to hit a low of 14,492. The index had began trading at 14,888 points on Friday morning. 

Nifty Bank index was down nearly 5% on Friday at 34,734. The Index is now at its lowest since February 3.

Sensex went from sitting at 49,528 points to 49,184 points in 5 minutes, erasing 344 points, over and above the 1400 point fall of the benchmark index. 

After showing some signs of recovery Nifty slipped below 14,600 once again. The fall comes just minutes before the closing bell. Sensex too fell adding nearly 400 points, to its 1,400 point fall.

Mid and small-cap shares were also witnessing selling pressure as Nifty Midcap 100 index fell 2% and Nifty Smallcap 100 index dropped 1.6%.

The overall market breadth was extremely negative as 1,913 shares were declining while 852 were advancing on the BSE.

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