Nifty Falls Below Key Support, Investors Lose Rs.9 Lakh Crore in a Day

India's stock market saw a big drop on Friday, ending the week on a weak note. The Nifty index fell 207 points to close at 24,039, which is below its important 200-day moving average of 24,052. This is a key signal that the market trend might turn negative.

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The Sensex also slipped by 589 points, ending at 79,213. Midcap stocks were hit harder, with the Midcap Index dropping nearly 3%.

This fall comes after weak performance on both Thursday and Friday, starting the new May trading series on a poor note. Investors were cautious due to mixed corporate earnings and global cues.

Some stocks dropped sharply after announcing their Q4 results. Shriram Transport was the biggest loser in the Nifty, falling 6%. Maruti Suzuki shares dipped nearly 2% after it missed profit margins due to high costs. Axis Bank also saw a decline. On the other hand, Tech Mahindra went up after posting good results, and SBI Life rose 5% on strong earnings.

Adani Group stocks also fell, losing between 3% and 6%. In midcap stocks, Motilal Oswal dropped 8% and Cyient lost 6% after their earnings reports. The Nifty Bank Index lost 537 points to end at 54,664, and the Midcap Index lost 1,400 points, closing at 53,570.

Overall, companies listed on the BSE lost around Rs.9 lakh crore in market value in a single day, showing investor worry.

Despite the Friday fall, the markets gained nearly 1% for the week — the second week in a row with positive returns. Around 30 of the 50 Nifty companies gave positive weekly returns. Nifty Bank rose 0.7%, and the Midcap Index went up 2% during the week. However, the sharp drops at the end of the week hurt overall sentiment.

Also Read: Nifty Falls Below 24,000, Sensex Crashes 900 Points: What’s Causing the Market Panic?