Twin fears of rising Covid cases and Fed rate hikes rippled through the indices acting like a Christmas party pooper for investors. Sensex lost nearly 1,000 points taking cumulative losses in the last four days to 1,961 points.
Meanwhile, the market capitalisation of all listed companies on the BSE declined by Rs 14.86 lakh crore to Rs 272.53 lakh crore in the last four days. Sensex ended 981 points lower at 59,845.29, while Nifty50 ended at 17,806.80 on Friday.
In the Sensex pack today, Tata Steel, Tata Motors, SBI and Bajaj Finserv were the top losers, falling 3-5%. Wipro, IndusInd Bank, Reliance, L&T, ITC, Tech Mahindra and Maruti also closed lower. On the other hand, only Titan closed with gains.
Sectorally, Nifty PSU Bank fell over 6%, Nifty Media declined 5%, Nifty Metal 4.47%. Whereas, realty and oil & gas also dropped over 3%. In the broader market, Nifty Midcap50 fell 3.35% and Smallcap50 declined 4.66%.
Earlier in Asian markets, Japan’s Nikkei 225 fell 1.03%, South Korea’s Kospi plunged 1.83% and China’s Shanghai Composite declined 0.28%.
The rupee ended marginally lower against the dollar on Friday. The rupee dipped to 82.85 per dollar from 82.76 in the previous session. The Brent crude February futures surged 2.78% to $83.25 per barrel.
The market breadth was skewed in favour of bears. About 3,113 stocks declined, 474 gained and 68 remained unchanged.
Mr Rupak De of LKP Securities said the sentiment has turned extremely bearish. A further decline is expected from here with a potential near-term breach of 17,550. Resistance on the higher end is visible at 18,000-18,100.
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