New Delhi, March 27 Equity investors experienced a loss of ₹8.86 lakh crore on Friday as the markets plunged, falling by over 2% as the conflict in West Asia showed no signs of easing, leading to a fresh spike in crude oil prices.
The 30-share BSE Sensex fell by 1,690.23 points or 2.25%, closing at 73,583.22. During the day, it plunged by 1,739.04 points or 2.31%, closing at 73,534.41.
Tracking the bearish trend in equities, the market capitalization of BSE-listed companies slumped by ₹8,86,383.92 to ₹4,22,15,450.82 crore (USD 4.46 trillion).
With crude oil prices staying above the USD 100 per barrel mark, the free fall of the rupee, and relentless foreign fund outflows, investors were also jittery amid the ongoing chaos in West Asia.
Among the 30-Sensex companies, Reliance Industries saw the biggest drop, falling by 4.55%, followed by InterGlobe Aviation, Bajaj Finance, State Bank of India, Eternal, and HDFC Bank.
In contrast, Tata Consultancy Services, Bharti Airtel, Power Grid, and Sun Pharma saw gains.
Brent crude, the global oil benchmark, rose by 2.93% to USD 111.2 per barrel.
"Indian equity markets witnessed a steady and broad-based decline throughout the session, with sentiment remaining clearly subdued despite President Trump extending the pause on strikes targeting Iran's energy infrastructure until April 6 and reiterating the possibility of diplomatic engagement," Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
A total of 3,544 stocks declined, while 822 advanced and 135 remained unchanged on the BSE on Friday.
In a shortened week, the BSE benchmark lost 949.74 points or 1.27%, and the Nifty tanked 294.9 points or 1.27%.
"Investor sentiment remained fragile due to a lack of clarity surrounding geopolitical tensions between the US and Iran, which once again pushed crude oil prices above the USD 100 mark. In addition, persistent FII (Foreign Institutional Investors) outflows and sharp weakness in the rupee further weighed on risk appetite," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.