Indian stock markets wrapped up the week on a sour note, plunging into the red as metal stocks faced relentless hammering from investors. Sensex dived 712 points (0.9%) to 78,165, and Nifty retreated 212 points (0.9%) to 23,768.
Metals emerged as the epicenter of the rout, with the index nosediving 4%, its biggest drop in two months. Key losers included NMDC (down 5.5%), MOIL (5.2%), and Adani Enterprises (4%). Attributing factors included bleak Chinese stimulus outcomes and LME metal price declines.
The selloff rippled across segments: infrastructure stocks fell 2.5%, consumer durables 1.9%. Blue-chips like Reliance and HDFC Bank contained losses, but couldn’t avert the benchmark decline. Market cap eroded by ₹4.2 lakh crore to ₹415 lakh crore.
FIIs were aggressive sellers at ₹3,100 crore, while DIIs absorbed ₹1,800 crore. Currency markets saw USD/INR at 84.18, up 32 paise. VIX jumped 5.5% to 13.5, underscoring jittery sentiment.
Analysts eye US jobs data and RBI policy hints for cues. ‘Oversold metals could rebound on dip-buying, but sustain above 23,700 crucial for Nifty,’ said veteran trader Anil Gupta. With monsoons progressing well and festivals approaching, domestic resilience might aid stabilization soon.