Friday saw a significant selloff in the Indian equity market as a result of profit booking on higher levels and unfavorable global cues.
The Nifty closed at 24,530, down 269 points, or 1.09 percent, and the Sensex was down 738 points, or 0.91 percent, at 80,604 at the close.
At the closing, Nifty Bank was down 355 points, or 0.67 percent, at 52,265.
The market cap of the Bombay Stock Exchange (BSE) decreased as a result of the market downturn, ending trading at Rs 446.3 lakh crore as opposed to Rs 454.3 lakh crore at the end of the previous trading session.
There was also strong selling pressure observed in small- and mid-cap companies.
Both the Nifty Smallcap 100 index and the Nifty Midcap 100 index decreased by 431 points and 2.29 percent, respectively, to 18,397 and 55,908, respectively.
Up to 26 of the 30 Sensex equities had a negative closing price.
The biggest losers were IndusInd Bank, Bajaj Finance, Tech Mahindra, Tech Steel, JSW Steel, NTPC, Tata Motors, UltraTech Cement, Tech Mahindra, Wipro, Power Grid, and Mahindra & Mahindra. The leading gainers were Asian Paints, HCL Tech, Infosys, and ITC.
Senior Technical Analyst at LKP Securities Rupak De stated: “On the daily chart, Bank Nifty formed a bearish candlestick as it closed at the low of the day. The active put covering and call writing imply a softer attitude. Maintaining a sell-on-rise approach with resistance at 52,500 is advised for traders. It is only advised to take bullish trades if the index finishes above 52,500. In the event that it closes below its 21-day EMA at 52,000, more weakness is anticipated.”
