Friday's early trading saw the equity benchmark indices, the Sensex and Nifty, continue their downward trend for the fifth day in a row.
The benchmark 30-share BSE Sensex was down 214 points to 79,003 at 9.30am. At 23,887.90, the NSE Nifty fell 63 points.
The BSE benchmark fell 2,915.07 points, or 3.54%, over the last four days.
Yesterday's Share Market
Thursday saw 30-share BSE benchmark Sensex drop 964.15 points to close at 79,218.05. This was the fourth consecutive day that the index had fallen. The blue-chip index fell 1,162.12 points to 79,020.08 during the day.
On the BSE, as many as 2,315 equities fell, 1,680 rose, and 100 stayed the same. At 23,951.70, the NSE Nifty fell 247.15 points to go below the 24,000 mark.
In the past four days, BSE-listed companies' market capital has decreased by around ₹9.65 lakh crore (9,65,935.96 cr) to ₹4.49 lakh crore (4,49,76,402.63 cr), according to PTI.
The decline has been ascribed by market analysts to following unfavorable global indicators.
Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd., was quoted by PTI as saying, "Markets were plundered tracking negative global cues as benchmark indices slipped below their psychological levels on broad-based selling after the US Fed's hawkish stance raised concerns over further rate cuts next year."
Global currencies, including the rupee, have fallen to all-time lows due to rising US bond yields, and investors may become risk averse as a result of fresh outflows of foreign funds from domestic stocks.
