Stock market crash: The stock market plunged into the red as the trading session began on Friday, with mid and small cap IT and telecom stocks, along with metal and auto stocks falling the most.
At 9:20 am IST, the benchmark BSE Sensex plummeted by 746.12 points or 1%, reaching 73,866.31. The broader NSE Nifty opened 221.15 points down or 0.98% in the red, reaching 22,323.90.
By 9:45 am, the Sensex fell even further by 972.33 points or 1.30%, reaching 73,640.10, while the Nifty fell 282.45 points or 1.25% into the red, reaching 22,262.60.
Also Read: Amazon will unveil AI-enabled Alexa companion devices this fall
Which stocks fell the most?
Among the 30 Sensex stocks, IndusInd Bank fell the most upon open by 4.07%, trading at ₹1,003.75. This was followed by Mahindra & Mahindra, which fell 2.86%, trading at ₹2,648.00, and NTPC, which was down by 2.61%, trading at ₹307.50
IndusInd Bank, meanwhile, had risen the most during yesterday’s open by 1.96%.
All of the Sensex stocks were in the red.
Also Read: Apple sued over ‘misleading’ carbon neutral claim for watches
How did individual sectors perform?
Among the Nifty sectoral indices, the Nifty Midsmall IT & Telecom Index fell the most by 2.52%, reaching 8,890.50. This was followed by Nifty Metal which fell 2.10, reaching 8,159.80, and Nifty Auto, which was down 1.98%, reaching 20,913.80.
The Nifty Metal index fell the second most today, just like upon yesterday’s open.
How did the stock market perform during the previous session?
The stock market closed flat after the trading session ended on Thursday.
“The Nifty and the India VIX both declined for the seventh successive day, as investors sent a message that they see no big-sized plunges ahead, at least in the large-cap universe,” said Akshay Chinchalkar, Head of Research at Axis Securities. “The Nifty’s daily ranges have shrunk since the gap-down seen at the Monday open, which is a sign that selling pressure is diminishing.”
“22,500 remains immediate support followed by 22,370, but green shoots will only emerge once the market ends above 22,720 on a closing basis,” he added. “Sentiment remains depressed, with only 10% of the NSE500 stocks above their 100-day averages, but the trigger for a rebound so far has proved elusive.”
The Sensex closed 10.31 points or 0.01% in the green, reaching 74,612.43. The Nifty however, was down 2.50 points or 0.01% in the red, closing at 22,545.05.
“The Nifty Index closed at 22,545, with nearly 81% short positions rolled over, signaling bearish sentiment,” said Kunal Kamble, Senior Technical Research Analyst at Bonanza. “The index is holding just above the key support of 22,500; a breach could drag it to 22,200 and 22,000.”
“The market is likely to trade in a narrow range of 22,500-22,800,” he added. “With the prevailing negative trend, any bounce should be viewed as a selling opportunity.”
Foreign Institutional Investors (FIIs) were net sellers, offloading ₹556.56 crore of equities towards the end, while Domestic Institutional Investors (DIIs) remained net buyers like the previous session, buying ₹1,727.11 crore.
Among the 30 Sensex stocks, UltraTech Cement dropped the most by 4.99%, closing at ₹10,420.65. This was followed by Tata Motors, which fell 2.05%, closing at ₹648.20, and Mahindra & Mahindra, which fell 1.95%, closing at ₹2,725.95.
UltraTech Cement had announced that it was entering into the cables & wires segment, triggering a sell-off of other stocks in the segment as well.
Mahindra & Mahindra, in sharp contrast, had risen the most at the time of the previous close.
Meanwhile, Bajaj Finserv rose the most by 2.59%, closing at ₹1,924.55. This was followed by Bajaj Finance, which was up 2.39%, closing at ₹8,695.50, and Sun Pharmaceutical Industries, which was up 2.10%, closing at ₹1,647.60.
Bajaj Finance was also the stock that closed the third-highest on the Sensex around the previous close.
Sun Pharmaceutical Industries had, in contrast, dropped the most by 1.58% previously at close.
Among the Nifty Sectoral Indices, the Nifty Media Index fell the most by 3.58%, reaching 1,436.85, followed by Nifty Realty, which fell 2.09%, reaching 809.35, and Nifty Auto, which was down 1.51%, closing at 21,335.35.
Nifty Realty had also fallen the second-most during the previous close.
Meanwhile, the Nifty Financial Services Ex-Bank Index rose the most by 0.78%, reaching 25,030.60, followed by Nifty Financial Services 25/50, which was up 0.66%, reaching 24,802.60, and Nifty Financial Services, which rose 0.60%, closing at 23,173.65.