Domestic benchmark indices opened in the red on Friday tracking losses in global peers . The benchmarks crashed several points during intra-day trade making investors poorer by nearly Rs 4 lakh crore.
The market cap of all BSE-listed companies slipped to Rs 277.58 lakh crore.
The BSE Sensex tanked over 1,000 points to trade at 58,100 levels at around 2:30 pm while the NSE Nifty plunged over 300 points to fall below the 17,350-mark.
Sectorally, Nifty Media, Nifty Pharma, Nifty Metal indices opened with marginal gains with Nifty Bank, Nifty Realty, Nifty Energy indices declining the most – nearly 1 per cent.
Tata Steel, HUL, Infosys, HCL Tech, Titan, ITC, Sun Pharma led the gains on the indices, Power Grid, Tech Mahindra, HDFC Twins, IndusInd Bank, Axis Bank, Kotak Bank, NTPC, on the other hand, were the top drags.
Mahindra and Mahindra Finance tanked nearly 10 per cent after the Reserve Bank of India (RBI) barred it from using third-party services for loan recovery and repossession activities until further orders on Thursday.
Tata Steel gained over 2 per cent after the company’s board approved merger of seven metal companies of Tata Group with itself. Hero MotoCorp shares were in the red after an upward revision in prices of motorcycles and scooters with effect from September 22.
Broader markets plunged too in line with the indices. Nifty SmallCap 100 and Nifty MidCap 100 indices slumped over 0.2 per cent in early trade.
In international trade, Asian stocks fell for a third day on Friday after more rate hikes by the Federal Reserve and other central banks to control persistent inflation spurred fears of a possible global recession.
The S&P 500 lost 0.8 per cent to 3,757.99. The Dow Jones Industrial Average fell 0.4 per cent to 30,076.68 and the Nasdaq composite slid 1.4 per cent to 11,066.81.
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