After an unexpected increase the previous session, Indian equity indices plunged back into the red on Friday. Selling pressure in information technology, banking, and energy equities drove down the domestic indices today. Investors were concerned about the impact of central banks’ aggressive monetary policy tightening on global economic growth.
The 30-share BSE Sensex down 1,017 points, or 1.84 percent, to 54,303 Thursday, while the NSE Nifty fell 276 points, or 1.68 percent, to 16,202.
Mid- and small-cap stocks ended the day on a sour note, with the Nifty Midcap 100 down 0.83 percent and small-cap down 1.10 percent.
The National Stock Exchange’s 15 sector indicators all ended the day in the negative. IT, Nifty Financial Services, and Nifty Oil & Gas, for example, underperformed the platform by 2.17 percent, 2.24 percent, and 2.08 percent, respectively.
On a stock-by-stock basis, Bajaj Finance was the worst performer on the Nifty, falling 4.08 percent to 5,658. The laggards included Kotak Mahindra Bank, HDFC, Hindalco, and Reliance Industries.
On the BSE, the total market breadth was negative, with 1,309 shares rising and 1,999 falling.
Kotak Bank, Bajaj Finance, HDFC, Reliance, Wipro, Infosys, Tech Mahindra, Tata Steel, TCS, HDFC Bank, ICICI Bank, and Sun Pharma were among the worst performers on the 30-share BSE index.
Life Insurance Corporation of India (LIC), the country’s largest insurer and domestic financial investor, too hit a record intraday low of 708.70 rupees. The stock ended the day at 709.70, down 1.70 percent.
Asian Paints, UltraTech Cement, Dr. Reddy’s, Titan, Hindustan Unilever, Maruti, Nestle India, and NTPC, on the other hand, came out on top.