Kotak Bank was the top Sensex loser, falling about 4 per cent, followed by Bajaj Finance, HDFC twins, Reliance Industries, Wipro, Infosys, Tech Mahindra, Tata Steel and TCS.
A day after closing in the green, Indian equity market resumed its downfall, looking set to end the week on a negative note. Sensex crashed 750 points to 54,570 and Nifty lost 209 points to 16,268 in early trade. Mid cap and small cap indices slipped 128 points and 96 points, respectively on BSE.
Market cap of BSE-listed firms crashed to Rs 253.03 lakh crore today against Rs 254.95 lakh crore mcap in the previous session.
Market breadth was negative with 1187 stocks trading lower against 1,826 stocks falling on BSE. 121 shares were unchanged. Banking, and information technology stocks were the top sectoral losers with BSE bankex and BSE IT indices slumping 505 points and 551 points, respectively. Of 30 Sensex stocks, 23 were trading in the red.
Sensex declined 93.91 points to close at 55,675. During the day, the 30-stock index tanked 473.49 points to 55,295.74. Nifty fell 14.75 points to finish at 16,569.55.
Breaking his silence over the current global meltdown, Tesla CEO Elon Musk on Friday said the recession the world is now experiencing owing to multiple macro-economic factors could last up to 18 months. Elon Musk Tweets: Tesla CEO Says, ‘Global Recession Can Stay for Up to 18 Months’.