The Indian stock market reversed its four-day gaining streak on Friday, with the Sensex tumbling 738.81 points to close at 80,604.65, dragged by profit booking and global sales due to technical issues.
The BSE’s key index had reached a high of 81,587.76 points earlier in the day but succumbed to selling pressure, closing below the 81,000 mark. The NSE’s Nifty also fell 269.95 points to 24,530.90. Brokerage firms were among the major losers, with Angel One, 5paisa Capital, Nuvama Wealth Management, Motilal Oswal, and IIFL Securities all closing in the red.
Market experts attribute the decline to profit booking and caution ahead of the budget. Tata Steel and JSW Steel led the losses in the Sensex, falling over 5% each. Other notable losers included Tata Motors, NTPC, UltraTech Cement, Tech Mahindra, Bajaj Finance, PowerGrid, Mahindra & Mahindra, and Reliance Industries.
The decline has wiped out Rs 7.94 lakh crore from investor wealth, with the total market capitalization of BSE-listed companies now standing at Rs 446.38 lakh crore or $5.34 trillion. This reversal comes after a four-day rally that saw the BSE gain 1,446.12 points.