Stock Market Slide

Shares of HCL Technologies Ltd fell nearly 7% on Friday, in their sharpest intraday drop since mid-January, after the IT services firm warned furloughs and spending cuts

Unabated foreign fund outflows and the rupee breaching the 78-mark against the US dollar for the first time ever further soured risk appetite

Investors' wealth tumbled by more than Rs 4 lakh crore in morning trade on Friday as markets suffered a steep decline. Continuing its decline for the second day, the BSE gauge plummeted 1,148.05 points or 2 per cent to 53,954.63. Tracking decline in equities, the market capitalisation of BSE-listed companies plunged Rs 4,09,554.44 crore to Rs 2,46,96,434.57 crore in morning deals. Asian Paints, Maruti Suzuki India, Hindustan Unilever, Titan and M&M were the biggest drag in morning trade, tumbling up to 6.8 per cent. In the previous session, the 30-share BSE index finished 366.22 points or 0.66 per cent lower at 55,102.68. "The war and surge in crude have completely transformed the economic scenario and market expectations. If the war prolongs, global economic growth may be impacted," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

A weakening rupee and the fiscal impact of the government's new stimulus measures also sapped risk appetite, traders said

The S&P BSE Sensex plunged 1,172 points in the intra-day deals on the BSE, while Nifty50 index tanked 342 points on the NSE

In the first eight months of 2019, 70 per cent stocks in the BSE 500 universe were down. Stocks in the BSE 500 universe account for 94 per cent of India's total market capitalisation

The gauge had lost 550.51 points on Wednesday on rupee woes and surging crude oil prices

Investor wealth saw an erosion of Rs 2.68 lakh crore today dragged down by massive selling in the stock market where the BSE benchmark index tumbled 448 points. Following extreme weakness in stocks, market capitalisation of BSE-listed companies slumped Rs 2,68,853.7 crore to Rs 1,33,40,008 crore. The 30-share index settled lower by 447.60 points, or 1.38 per cent -- its biggest single-day fall since November 15 last year -- at 31,922.44. The loss was the largest in nearly ten months. Tata Steel was the top Sensex loser, skidding 4.70 per cent to close at Rs 654.55, followed by L&T, which fell 3.49 per cent. Others that weighed included Reliance Industries and ICICI Bank. BSE realty melted the most by 4.29 per cent. Metal, capital goods and power too added to the weakness. On BSE, 2,139 stocks declined, while 484 advanced and 138 remained unchanged. "The markets saw a sell-off of over 1 per cent which in our opinion is on account of weak global cues which in turn ..