Mumbai. The Indian Stock Market closed with a huge decline on Friday’s trading day. There was heavy selling in all sectors except Pharma and FMCG. Sensex fell more than 800 points in afternoon trade. However, by the end of trading, the market recovered somewhat and fell by 662 points. BSE Sensex closed at 79,402.29, falling 662.87 points or 0.83 per cent. At the same time, NSE’s Nifty fell by 218.60 points or 0.9 percent to 24,180.80. Nifty Bank closed at 50,787.45, falling 743.70 points or 1.44 per cent. The Nifty Midcap 100 index closed at 55,277.95, falling 1,071.80 points or 1.90 per cent. The Nifty Small Cap 100 index closed at 17,847.90, falling 401.25 points or 2.20 per cent. IndusInd Bank, M&M, L&T, NTPC, Maruti, Bajaj Finance and Tata Motors were the top losers in the Sensex pack. Whereas, ITC, Axis Bank, Hindustan Unilever Limited, Sun Pharma, ICI Bank and Kotak Mahindra Bank were the top gainers.
IndusInd Bank, BPCL, Shriram Finance, Coal India, M&M and L&T were the top losers in Nifty Pack. Apart from this, ITC, Axis Bank, BEL, Britannia and Hindustan Unilever Limited remained in the list of top gainers. The market trend remained negative. On BSE, 3,092 shares closed in the red and 850 in the green. There was no change of any kind in about 79 shares. According to market watchers, FIIs have continued to sell aggressively, selling Rs 97,000 crore in October alone. This ongoing selling pressure, coupled with declining earnings, is depressing market valuations, he said. For investors, this may provide an opportunity to gradually accumulate high-conviction stocks as the market goes through this correction phase.