Share Market Today: The broader markets remained under strong selling pressure with mid-cap and small-cap BSE indices falling more than 2%.
Share Market Today: Markets fell on Friday on widespread selling, financials, and metal stocks leading losses. The Sensex dropped nearly 700 points to hit 51,601 at the low of the day while Nifty broke through 15,500 levels.
ONGC was the most lagging behind, with the stock losing 3 percent, followed by the State Bank of India losing 2 percent. Among Sensex’s biggest losers were PowerGrid, Axis Bank, and Maruti Suzuki. Adani Ports was also among the top dredgers.
While Bajaj Finserv, Infosys, HCL Tech, TCS, Sun Pharma, HUL, Dr. Reddy holds the fort with the top Sensex winners.
On Thursday, the Sensex closed at 52,323.33, down 178.65, or 0.34%, while the Nifty closed at 15,680.30, down 87.25 points, or 0.55%.
What is the reason for the crash?
The broader markets remained under strong selling pressure with mid-cap and small-cap BSE indices falling more than 2%. The rupee continued with losses on Friday after witnessing a steep decline in the previous session. The Rupee opened at 74.10 per dollar on Friday from the previous close of 74.08. This is the lowest opening for the rupee in two months.
SBI shares were among the losers. US private equity fund CA Rover Holdings, a subsidiary of Carlyle Asia Partners, is reportedly seeking to sell a 5.1% stake in SBI Cards and Payment Services worth $ 682 million (₹ 5,000 crores) via a global agreement Friday.
A total of 52 companies, including Ashoka Buildcon, GMR Infrastructure, Hinduja Global Solutions, Insecticides (India), and Welspun Specialty Solutions, are expected to release quarterly results on Friday.
Shares of the Adani Group were hit hard on June 14 after reports said the National Securities Depository Ltd (NSDL) froze the accounts of three foreign funds that were among the main stakeholders in the port-to-energy conglomerate. However, the group denied such a development.
