Stock Market
₹20 lakh crore wiped out: Indian markets post worst week in 4 years amid West Asia tensions
Mumbai/IBNS: Dalal Street witnessed a severe sell-off on Friday, extending losses for the week amid geopolitical tensions triggered by the ongoing West Asia conflict, media reports said.
The Nifty 50 index fell 5% this week, marking its worst weekly performance in four years. The last instance of a similar 5% weekly decline was in June 2022.
During the week, BSE-listed companies reported a loss of ₹20 lakh crore in market capitalization.
Overall, BSE-listed firms have seen a total market-cap wipeout of ₹33 lakh crore since the outbreak of the Iran–US–Israel tensions.
On Friday, the BSE Sensex opened with a decline of 900 points and later extended losses to over 1,500 points, while the Nifty 50 slipped below 23,200 points.
The rupee weakened further due to a stronger US dollar, heavy selling by foreign institutional investors (FIIs), and overall weak market sentiment.
On Thursday, the rupee had touched an intraday low of 92.36 before closing at 92.25 per US dollar, its lowest closing level.
Meanwhile, retail inflation in India rose to 3.21% in March, up from 2.74% in February, driven primarily by higher food prices, according to government data.
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