Sensex crashes 1,470 points, Nifty falls 488 points
Markets took a major hit on Friday: Sensex dropped 1,470 points and Nifty fell by 488 points, marking a significant weekly loss.
This comes as global oil prices shot up and uncertainty rattled investors.
Market lost ₹8 lakh crore in value
The market lost ₹8 lakh crore in value, and the rupee hit a record low of 92.48 to the dollar. That means everything from fuel to imported gadgets could get pricier.
With volatility high and benchmark indices down year-to-date, and some sectors (for example IT) having fallen much more from their peaks, investors are facing a rough patch.
Foreign investors pulled out over ₹52,000 crore
Rising tensions between Iran and Israel have pushed oil above $100 a barrel, sparking fears of supply disruptions.
Foreign investors pulled out over ₹52,000 crore in just one day, sending all sectors (especially IT and auto) into decline.
Some market participants advised caution for now
Some market participants advised caution for now: Many participants urged waiting for clarity on the Middle East situation before taking new positions.
Basically, patience might pay off while things settle down.