Equity markets fell sharply for the third consecutive session on Friday, dragged down by global uncertainties and rising oil prices. The BSE Sensex closed at 74,564, down 1,470 points, while the Nifty50 ended at 23,151, shedding 488 points.
The sell-off was broad-based, with major losses in the auto, metals, and PSU banking sectors. Tata Steel fell nearly 5%, Tata Motors PV dropped 4.6%, and SBI slipped over 4%. Other heavyweights including M&M, Maruti Suzuki, Bajaj Finance, and UltraTech Cement also recorded sharp declines.
In contrast, a few defensive stocks managed to hold ground. Coal India, NTPC, and Power Grid were among the top gainers, while FMCG names such as Hindustan Unilever and Tata Consumer Products saw modest gains.
Analysts attributed the market weakness to escalating geopolitical tensions in the Middle East, which rattled investor sentiment, and the surge in Brent crude above $100 per barrel, raising concerns about rising inflation. Continuous foreign institutional selling further added to the downward pressure, while the Indian rupee slipped to ₹92.45/USD, impacting import-dependent sectors.
With markets now in correction territory, experts say volatility is likely to continue in the near term. Auto, metals, and PSU banking stocks remain under pressure, while defensive sectors may continue to attract cautious investors amid global uncertainties and rising energy costs.
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