Sensex tanks 500 points, Nifty closes below 25,000 mark
Markets had a rough Friday: the Sensex closed down by 501.5 points at 81,757.73 and the Nifty slipped below the key 25,000 mark, closing at 24,968.40.
Financial heavyweights like Axis Bank and HDFC Bank led the slide.
Midcap and smallcap stocks also fell noticeably
It wasn't just big companies feeling the heat—midcap and smallcap stocks also fell noticeably.
This broad sell-off shows investors are nervous about global uncertainty, with things like US Fed decisions and higher oil prices making folks more cautious.
Weak earnings from major players added to worries
Weak earnings from major players added to worries. Axis Bank shares sank over 5% after a disappointing quarterly update, while Clean Science tumbled by 8%.
On a brighter note, Wipro bucked the trend with a solid performance.
With foreign investors pulling out money this month and technical support levels being tested, markets could stay shaky until there's more clarity on global and local economic policies.