Indian equity market closed lower for the fourth consecutive trading session today, dragged by losses in Reliance Industries, Bajaj Finance and Kotak Bank.
Sensex ended 1,170.12 points lower at 58,465 and Nifty fell 348.25 points to 17,416.
Investors lost Rs 8.22 lakh crore during today's market crash. Market cap of the BSE-listed firms fell to Rs 260.98 lakh crore against Rs 269.20 lakh crore in the previous session.
Bajaj twins, Reliance Industries, NTPC, SBI and Titan were the top Sensex losers, falling up to 5.74%.
Reliance Industries share fell nearly 5% intra day after the Mukesh Ambani-led conglomerate said last week it had decided with Saudi Aramco to reevaluate a proposed $15 billion stake sale in its oil-to-chemicals arm to the Saudi oil producer.
RIL share lost up to 4.92% to Rs 2,351 against previous close of Rs 2,472 on BSE. Later it ended 4.42% lower at 2,363.
On the other hand, Bharti Airtel, Asian Paints and PowerGrid were the only Sensex gainers, gaining up to 3.90%.
"Finally, the bears got their act together after a long wait as a series of events over the weekend gave them the upper hand with almost all the sectoral indices barring the metal index plunging, said S Ranganathan, Head of Research at LKP Securities.
The repealing of the agriculture laws had an impact on the PSU stocks while the O2C deal not going through left a 4.5 per cent cut on Reliance, he noted.
BSE mid-cap and small-cap indices fell 679 points and 852 points, respectively.
The market breadth was negative with 843 shares ending higher against 2,571 stocks in the red. 154 shares were unchanged.
On the sectoral front, consumer durables, banking and auto stocks led the losses today. BSE consumer durables index fell 1,438 points to 43,257, BSE bankex lost 986 points to 42,337 and auto index closed 812 points lower at 25,666.
Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan said , "The selling pressure was absorbed near the lower channel line from where the bulls got some breathing space towards the end of the session. As a result of the steep decline, the hourly momentum indicator has been pushed into the oversold zone and has developed a positive divergence over there. Thus unless today's low of 17,280 breaks, Nifty can attempt a bounce to test its key hourly moving averages near 17,700."
On Thursday, benchmark indices ended lower for the third straight session. Sensex closed 372.32 points lower at 59,636 and Nifty fell 133.85 points to 17,764.
M&M was the top Sensex loser, falling 3.28 per cent, followed by Tech Mahindra, L&T, HCL Tech, Tata Steel and IndusInd Bank.
Meanwhile, the rupee fell by 12 paise to end at 74.42 against the US dollar as massive sell-off in domestic equities and a strong greenback in the overseas market weighed on investor sentiments.
At the interbank foreign exchange market, the local currency opened weak at 74.36 and lost further ground as the trade progressed to quote 74.51 a dollar.
Elsewhere in Asia, bourses in Hong Kong ended with losses, while Tokyo, Shanghai and Seoul were positive.
Stock exchanges in Europe were largely positive in mid-session deals. Meanwhile, international oil benchmark Brent crude rose 0.34 per cent to $79.16 per barrel.
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