Mumbai: The Indian stock market witnessed heavy selling pressure on Friday, October 23, as benchmark indices Sensex and Nifty failed to sustain their early gains. Rising crude oil prices, weak global cues and selling in broader markets weighed on investor sentiment.
At 1:00 PM, the BSE Sensex was trading at 72,605.88, down 643.51 points or 0.88 percent.
The NSE Nifty 50 stood at 22,421.70, declining 265.95 points or 1.17 percent.
Investors Lose Rs 9.03 Lakh Crore
The sharp decline wiped out approximately Rs 9.03 lakh crore in investor wealth during morning trading.
The market capitalisation of BSE-listed companies fell from Rs 459.26 lakh crore on October 22 to Rs 450.23 lakh crore by 11:24 AM on Friday.
The Sensex touched an intraday low of 72,452.37, while the Nifty slipped to 22,372.
Crude Oil Prices Surge
Brent crude approached USD 114 per barrel amid escalating tensions in West Asia and concerns over oil supplies following attacks in Saudi Arabia.
Higher oil prices could increase India's import bill, fuel inflation and squeeze corporate profit margins.
Weak Global Market Signals
Global markets remained under pressure after the US Nasdaq declined more than 2 percent overnight.
Weakness across Asian markets further discouraged investors from taking risks, triggering selling in Indian equities.
Midcap And Smallcap Stocks Slide
Broader markets witnessed sharper losses than benchmark indices.
According to Reuters, the smallcap index declined 3.4 percent, while the midcap index dropped 2.5 percent during morning trading.
Fifteen of the 16 major sectors traded in negative territory.
Fourth Consecutive Session Of Losses
Indian equities remained under pressure for the fourth consecutive trading session.
Persistent declines prompted investors to book profits and reduce exposure to risky assets, adding to selling pressure.
Disappointing Corporate Earnings
Company-specific concerns also affected market sentiment.
Swiggy shares plunged around 13 percent amid concerns over business performance and margins.
Colgate-Palmolive India also declined following disappointing profit growth, contributing to broader market weakness.
