Sensex down by 518 points, Nifty at 23,813 in early trade

Equity benchmark indices Sensex and Nifty continued their negative run in early trade for the fifth consecutive day on Friday.

At 10am, the 30-share BSE benchmark Sensex was down by 518 points to 78,699. The NSE Nifty dropped 138 points to 23,813.

In the past four days, the BSE benchmark slumped 2,915.07 points or 3.54 per cent.

Share market yesterday

Falling for the fourth day running on Thursday, the 30-share BSE benchmark Sensex tanked 964.15 points or 1.20 per cent to settle at 79,218.05. During the day, the blue-chip index cracked 1,162.12 points or 1.44 per cent to 79,020.08.

As many as 2,315 stocks declined while 1,680 advanced and 100 remained unchanged on the BSE. The NSE Nifty tumbled 247.15 points or 1.02 per cent to sink below the 24,000 mark at 23,951.70.

A market capital of between about ₹9.65 lakh crore (9,65,935.96 cr) to ₹4.49 lakh crore (4,49,76,402.63 cr) of BSE-listed firms have been eroded in the last four days, according to PTI.

Market experts have attributed the downfall to tracking negative global cues.

“Markets were plundered tracking negative global cues as benchmark indices slipped below their psychological levels on broad-based selling after the US Fed’s hawkish stance raised concerns over further rate cuts next year,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, was quoted as saying by PTI.

“Rising US bond yields has pushed global currencies, including the rupee to new lows while renewed foreign fund outflows from domestic equities could prompt investors to turn risk averse.”