Sensex drops 630 as Indian markets lose ₹10L/cr value
Business
The Indian stock market had a rough Friday: Sensex dropped around 630 points to trade near 72,600, down more than 1,100 points from the day's high, and Nifty fell around 260 points to drop below 22,450 on Friday morning.
Nearly ₹10 lakh crore in market value vanished in a day, with small-cap and mid-cap stocks taking the biggest hit.
Oil at $114, foreign outflows ₹3,459cr
A mix of rising oil prices and big sell-offs by foreign investors triggered the fall. Oil shot up to $114 per barrel because of tensions between Saudi Arabia and Yemen's Houthi rebels.
Meanwhile, foreign investors pulled out ₹3,459 crore just on Thursday, part of a selling streak in October so far, spreading worry across sectors like metals and real estate.