Stock Market
Market bloodbath ahead of Budget: Sensex slides over 500 points, Nifty cracks
Mumbai/IBNS: Indian equity benchmarks traded sharply lower on Friday as investors turned cautious ahead of the Union Budget amid global uncertainties and domestic concerns, media reports said.
The BSE Sensex extended losses to over 500 points in morning trade, while the NSE Nifty 50 slipped by as much as 200 points.
Post noon, the Sensex pared some losses but was still trading down nearly 350 points, while the Nifty remained lower by over 120 points.
The market witnessed a broad-based sell-off after gains in three consecutive sessions, with investor sentiment dented by evolving global developments and near-term domestic triggers.
The decline came a day ahead of the Union Budget and despite the government releasing the Economic Survey projecting strong economic growth.
Metal and IT stocks led the fall, dragging the broader market lower.
Commenting on the market movement, Dr V.K. Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, told India Today, “As we near the Budget Day, there are headwinds and tailwinds for the market. Geopolitical issues continue to plague global trade with continuous threats of tariff weaponisation by Trump.”
He added that the spike in Brent crude prices to near $70 per barrel is a headwind for Indian macroeconomic conditions in general, particularly for industries that use oil as a key input.
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