RBI suggestion weighs on financials as Sensex falls 456 points
The stock market had a rough Friday, with the Sensex dropping 456 points to close at 78,499 and Nifty 50 slipping 65 points to 24,571.
Financial stocks were among the biggest drags, especially Bajaj Finance, which plunged 6% after the Reserve Bank of India, or RBI, suggested banning nonbanking financial companies, or NBFCs, from offering revolving credit.
Despite the slump, midcap stocks managed a small win, gaining 137 points.
Mixed Q1 results drive market divergences
Crompton Greaves dropped by 7%, while Blue Star extended its losses following a weak first-quarter performance and Godrej Consumer Products lost ground even after positive first-quarter results.
On the brighter side, Reliance Industries and IT giants like TCS and HCLTech helped cushion some losses.
Hindalco Industries and State Bank of India actually gained thanks to strong earnings.
Final closing adjustments for Nifty 50 and Sensex were minimal, so numbers didn't shift much after hours.