Sensex Crashes Below 60,000, Nifty Falls Over 1%, Snapping Latest Winning Streak

Stock Market India: Equity benchmarks fell over 1 per cent on Friday, snapping a long winning streak, but ended with gains for the week.

Sensex Crashes Below 60,000, Nifty Falls Over 1%, Snapping Latest Winning Streak

Stock Market India: Sensex tumbles over 700 points

Equity benchmarks fell over 1 per cent on Friday, snapping the latest winning streak, dragged by heavy selling pressure in banking and financial stocks on profit-taking and weak global market trends.

But both the benchmark indexes ended with gains for the week, marking the fifth straight week of positive returns.

The 30-share BSE Sensex index crashed by 651.85 points, or 1.08, to 59,646.15, and the Nifty fell 198.05 points to 17,758.45.

The Sensex had an upbeat start to the day, rising to a high of 60,411.20 points early on Friday. Around midday, there was significant selling pressure, and the index dropped to 59,522.18 points in the afternoon session as that selling pressure increased.

The Nifty, too, started the day in the positive and rose to a high of 17,992.20 points in the morning session. It witnessed heavy selling pressure in the afternoon, hitting a low of 17,727.70 points. 

Stocks in the banking and financial sectors were under intense selling pressure. To Rs 1062.85, IndusInd Bank fell 3.82 percent. To Rs 16292.85, Bajaj Finserv decreased by 3.08 percent. To Rs 7301.20, Bajaj Finance fell 2.53 percent. To Rs 520.40, State Bank of India fell 2.25 percent.

Reliance Industries Limited, a significant component of the index, closed 1.77 percent lower at Rs 2,613.60 per share. Tata Steel slumped 2.27 per cent to Rs 110.

Among the major Sensex losers were NTPC, Hindustan Unilever, ICICI Bank, Power Grid Corporation, Bajaj Finance, Maruti Suzuki, and Asian Paints.

Just three of the 30 stocks that make up the benchmark Sensex ended the day on a positive note. L&T increased 2.20 per cent to Rs 1,935.85. TCS and Infosys both ended the quarter in the green.

"Profit-booking amid weak global cues impacted domestic indices as concerns about interest rate hikes hung over the markets. Additionally, the recent rally of the dollar index and FIIs turning net sellers has surprised bulls," Vinod Nair, Head of Research at Geojit Financial Services, told PTI.

"Broad-based selling was witnessed with the index heavyweights dragging the index further down," he added.

In the broader Asian markets Seoul, Shanghai, and Tokyo ended with losses, while Hong Kong closed with gains.

During mid-session trades, stock markets in Europe were primarily trading lower. 

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