As a result of profit booking at higher levels, Indian equities indices ended the Friday session in the deep red.
At the close, the Nifty was down 293 points, or 1.7%, at 24,717, and the Sensex had dropped 885 points, or 1.08 percent, to 80,981.
All BSE-listed companies saw a loss in market capitalization (MCAP) of more than Rs 4 lakh crore as a result of the decrease.
There was selling in the larger markets. With a 576-point decrease or 0.99 percent, the Nifty Midcap 100 index closed at 57,913, while the Nifty Smallcap closed at 18,800, down 149 points or 0.79 percent.
All other indexes closed lower, with the exception of Pharma. The Auto, IT, PSU Bank, Metal, Realty, and Infrastructure indices saw the largest fall.
Maruti Suzuki, Tata Motors, JSW Steel, Wipro, Tata Steel, L&T, M&M, and TCS were the top losses in the Sensex pack. The top gainers were Nestle, Kotak Mahindra Bank, Sun Pharma, and HDFC Bank.
Senior Technical Analyst at LKP Securities Rupak De stated: “Amidst a worldwide sell-off, Nifty has dropped dramatically. In a technical sense, it has slid downward after forming a spinning top on a regular basis. There has been a bearish crossover indicated by the downward turn in the RSI indicator. ‘Sell on increase’ traders seem to be benefiting from the market as long as it stays below 24,800. The Nifty may decline to 24,530 or 24,400 on the downside.”
