Taking cues from global markets, Indian equity benchmarks fell sharply in opening deals on Friday. Asian stocks fell today after investors expressed concerns that rising interest rates could stifle global economic growth.
Overnight on Wall Street, the Dow Jones Industrial Average and the S&P 500 both fell more than 3 percent, and the Nasdaq Composite fell 4.99 percent to its biggest single-day fall since June 2020, its lowest level since November 2020. But closed.
Back home, the 30-share BSE Sensex was trading 879 points or 1.58 per cent lower at 54,823, while the broader NSE Nifty was trading 253 points or 1.52 per cent lower at 16,429.
Mid- and small-cap stocks were negative as Nifty Midcap 100 declined 2.38 per cent and small-caps fell 2.91 per cent.
All the 15 sector gauges compiled by the National Stock Exchange were trading in the red. Nifty Auto, Nifty IT and Nifty Consumer Durables were underperformers in the index, falling 2.09 per cent, 2.32 per cent and 2.55 per cent, respectively.
On the stock-specific front, Tata Motors was the top loser as the stock fell 3.10 per cent to Rs 413.10. HCL Tech, UPL, Bajaj Finance and Wipro were also among the losers.
Overall market breadth remained weak as 447 stocks were rising while 2,318 were falling on BSE.
HCL Tech, Bajaj Finance, Wipro, Bajaj Finserv, Infosys, Maruti and Tata Steel were the top gainers in the 30-share BSE index.
In contrast, Mahindra & Mahindra, ITC, Reliance Industries and PowerGrid were trading in the green.