India Indices Sink for 3rd Straight Week: Stock Market Today

By Malvika Gurung

Investing.com -- Indian equity benchmark indices ended lower for the second consecutive session on Friday and extended the weekly losses to the third straight week, as investor sentiment soured after Lok Sabha passed the Finance Bill 2023, while concerns of a banking crisis in the US and Europe continued to loom.

Headlines Nifty50 fell 0.77%, sliding under the 17,000 mark at 16,945.05 points, and Sensex shed 398.18 points or 0.69%. 

The market fear barometer India VIX jumped 6.5% in the session to touch 15.43 levels and ended the day 5.18% higher.

Losses on Dalal Street were led by financial, metals, banking and IT stocks. Weakness in European markets due to an increase in credit default swap (CDS) spread that added pressure on banks, extended negative cues to the domestic market on Friday.

All the sectoral indices under the Nifty umbrella sank deeply in the red, led by Nifty Realty , while Nifty PSU Bank followed closely, sliding over 2% each. Nifty Metal slumped 2.3%. Nifty Bank declined 0.56%.

Bajaj twins, Bajaj Finance (NS: BJFN ) and Bajaj Finserv (NS: BJFS ) led the losses on the Nifty pack, tanking up to 3%, while Tata Steel (NS: TISC ), Hindalco (NS: HALC ), Adani Ports (NS: APSE ), Adani Enterprises (NS: ADEL ), ONGC (NS: ONGC ), Coal India (NS: COAL ), Reliance (NS: RELI ) and Hero Moto (NS: HROM ) exerted pressure. Pharma major Cipla (NS: CIPL ) was the top gainer on the benchmark index.

Investors on Dalal Street witnessed their wealth declining by Rs 2.68 lakh crore in Friday’s sell-off.