Sensex tanks 1,176 pts, Nifty ends at 23,587 amid weak global cues

Indian benchmark indices continued their downward trend on Friday, with the BSE Sensex and NSE Nifty50 both falling by over 1 per cent. The 30-share BSE Sensex dropped 1,176.46 points, or 1.49 per cent, closing at 78,041.59, while the NSE Nifty50 fell by 364.20 points, or 1.52 per cent, to settle at 23,587.50.

The selloff was largely driven by hawkish signals from the US Federal Reserve, continued selling by Foreign Institutional Investors (FIIs), and concerns over high valuations in the Indian market. The India VIX, which measures market volatility, rose by 3.87 per cent, ending the day at 15.07 points.

All sector indices closed in the red, with Nifty Realty, Nifty Select Telecom and Nifty Financial Services each recording a decline of over 3 per cent.

The Nifty Midcap100 and Nifty Smallcap100 indices fell by 2.82 per cent and 2.19 per cent, respectively.

Asian and European markets also closed in the red, with Japan’s Nikkei falling nearly 0.29 per cent.

Brokers attributed the decline in Indian markets to ongoing by Foreign Institutional Investors (FII selling) and the depreciation of the Indian rupee. Today, the rupee appreciated by 10 paise to close at 85.03 against the US dollar.