Indian stock markets witnessed a heavy sell-off on Friday, with the Sensex tumbling around 1,000 points and the Nifty slipping below 23,900, as rising crude oil prices and weakness in IT stocks unsettled investors.
The BSE Sensex closed down 999.79 points at 76,664.21, while the NSE Nifty50 lost 275.10 points to end at 23,897.95. It was the third straight day of losses for the benchmark indices.
Markets remained weak throughout the trading session, with selling pressure seen across sectors. Investor sentiment turned cautious after crude oil prices surged due to fresh tensions in West Asia. Higher oil prices are a concern for India because they can increase inflation, widen the trade deficit and affect corporate margins.
IT stocks were among the biggest losers of the day after disappointing earnings outlooks from some large companies. Infosys remained under pressure after giving a muted growth forecast, while HCL Tech also saw selling after recent quarterly results failed to impress the Street.
Reliance Industries, another heavyweight stock, also dragged the indices lower as investors remained cautious ahead of its earnings announcement. Pharma and energy shares too saw weakness in selective counters.
Among the top losers in the broader market were Infosys, HCL Tech, Reliance Industries, Sun Pharma and Adani Energy Solutions. Their decline added significant pressure on benchmark indices because of their large market weight.
Despite the broad fall, a few stocks managed to end higher. Nestle India gained after posting strong quarterly earnings, while Indian Energy Exchange (IEX) also advanced on the back of better-than-expected results.
Market volatility increased sharply during the day, showing nervousness among traders. Analysts said investors are closely watching crude oil prices, geopolitical developments and the ongoing earnings season for further direction.
Foreign investor activity also remained cautious, adding to pressure on domestic equities. Many traders chose to reduce risk exposure ahead of the weekend amid uncertain global cues.
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