Equity markets tumbled in mid-day trading on Friday, with the benchmark indices extending their losses as selling pressure intensified across sectors. The BSE Sensex plunged 488.30 points or 0.64 per cent to 75,650.67, while the Nifty50 fell 185.40 points or 0.8 per cent to 22,846.00, significantly below its crucial support level of 23,000.
The market breadth showed overwhelming bearish sentiment, with declines outnumbering advances by more than 5:1 on the BSE. Out of 3,933 stocks traded, 3,219 stocks declined, while only 605 advanced, with 109 remaining unchanged. A concerning 436 stocks hit their 52-week lows, compared to just 38 reaching 52-week highs, indicating widespread weakness in the broader market.
The selling pressure was particularly severe in mid and small-cap segments, with the Nifty Midcap Select index plummeting 2.58 per cent to 11,066.60. The Nifty Next 50 also saw significant losses, falling 1.99 per cent to 59,734.45. The banking and financial services sectors weren’t spared, with the Nifty Bank index down 0.93 per cent at 48,900.50 and Nifty Financial Services shedding 0.81 per cent to 23,084.05.
Among individual stocks, defence manufacturing company BEL led the losers on NSE, plunging 3.96 per cent, followed by Adani Enterprises (-3.32 per cent), Adani Ports (-3.17 per cent), UltraTech Cement (-2.80 per cent), and Shriram Finance (-2.76 per cent). The Adani Group stocks continued their downward trajectory from the morning session.
A handful of FMCG and IT stocks bucked the trend, with Nestlé India leading the gainers, up 0.62 per cent, followed by Tata Consumer Products (+0.57 per cent), HCL Technologies (+0.41 per cent), Hindustan Unilever (+0.32 per cent), and TCS (+0.15 per cent). These defensive sectors provided some shelter amid the broader market decline.
Circuit filters were triggered for numerous stocks, with 406 hitting their lower circuit limits, while only 83 touched their upper circuits, further highlighting the negative market sentiment. The sharp decline came despite a relatively flat opening, suggesting that selling accelerated as the trading session progressed.
The market’s steep correction midway through the trading day raises concerns about whether the benchmark indices will find support before the closing bell, especially with the Nifty having already breached the psychologically important 23,000 mark that analysts had identified as a key support level in the morning session.
Rewrite this news article and keep the same structure, information and length.
