Sensex drops 1,000 points, Nifty 300: Here's why market are down today
On Friday, stock markets plunged sharply, with the Sensex down over 1,000 points and Nifty 50 declining by 338 points.
Stock markets are witnessing a turbulent trading session on Friday as benchmark indices crashed sharply in intraday trade, erasing early gains despite largely positive global cues. A massive selloff across all sectors dragged the Sensex down over 1,000 points, with broader indices facing even steeper losses.
The BSE Sensex opened at 79,830, up marginally from the previous close of 79,801, but tumbled as much as 1,004 points to 78,797.39 at 11.30 am. The NSE Nifty 50 followed a similar trajectory, opening at 24,289 before plunging 338 points to an intraday low of 23,908 at 11.30 am.
The drop was led by financial stocks, particularly Axis Bank, which fell 3.7% after reporting a marginal decline in Q4 profit to ₹7,117 crore. Analysts flagged ongoing asset quality concerns, with Morgan Stanley cautioning that the bank may face near-term headwinds.
Adani Ports, Bajaj Finance, Bajaj Finserv, Tata Motors, Tech Mahindra, and Eternal were also among the key laggards.
Experts said worries over growing geopolitical tensions amid Tuesday's terror attack weighed on market sentiment.
There are tailwinds and headwinds for the market now. A strong tailwind is the sustained FII buying which has touched a cumulative amount of ₹29,513 crore during the last 7 days, VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.
He further added that another tailwind is US Treasury Secretary Scot Bessent's remark that "India is expected to strike the first bilateral trade deal with the US."
"The potential headwind looming large on the horizon is the uncertainty regarding India's response to the terror attack and its consequences," Vijayakumar said.
