In three days, Sensex sinks 2,600 points; investors lose ₹7 lakh-crore

Indian equity markets extended their losing streak for a third consecutive session on April 24, with benchmark indices slipping sharply amid global and domestic headwinds. The correction has wiped out nearly ₹7 lakh-crore in investor wealth over just three trading sessions.

Market snapshot on Friday

• Sensex fell 1,000 points (1.29 percent) to close at 76,664

• Nifty 50 declined 275 points (1.14 percent) to settle at 23,898

• Nifty Midcap 100 dropped 0.96 percent; Smallcap 100 fell 0.87 percent

• Broader market sentiment remained weak, with 38 of the 50 Nifty stocks ending in the red

Sectoral drag

• IT stocks led the fall, with the Nifty IT index plunging 5.29 percent

• Media and pharma indices declined nearly 2 percent each

• Banking and financial stocks showed relative resilience with mild losses

Top losers included Infosys, TCS, Tech Mahindra and HCL Tech, falling 4–7 percent. Coal India, Trent and Hindalco were among the few gainers.

Wealth erosion

• Investor wealth fell by about ₹5 lakh-crore in a single session

• Total market capitalisation dropped to ₹461.5 lakh-crore

• Three-day cumulative losses touched ₹7 lakh-crore

Both Sensex and Nifty have now snapped their two-week winning streak, ending the week about 2 percent lower.

What is driving the selloff?

Geopolitical uncertainty

• Lack of clarity over a US-Iran peace deal continues to unsettle markets

• Tensions around the Strait of Hormuz remain elevated

• Supply risks in global oil markets are increasing investor caution

Crude oil spike

• Oil prices have surged nearly 18 percent this week

• Supply concerns are driving volatility

• Higher crude could impact inflation and corporate earnings

Rupee weakness

• Rupee slipped below the 94 mark against the dollar

• Closed at 94.25, extending a five-day losing streak

• Currency weakness is weighing on sentiment

Foreign outflows

• FIIs have turned net sellers again

• **₹**8,300 crore worth of equities sold in four sessions

• Persistent outflows are pressuring large caps

Technical breakdown

• Nifty breached the key 24,000 support level

• Further downside possible if supports fail

• Key support seen at 23,600–23,550; resistance at 24,200–24,250

Outlook

Analysts expect continued volatility in the near term, driven by geopolitical tensions, rising crude prices, rupee weakness and foreign fund outflows. The trajectory of global developments, especially in West Asia and oil markets, will remain critical for equity trends.

(By arrangement with livemint.com)