Indices close 2% lower, wave of broad-based selling sweeps market
The decline was driven by escalating Middle East tensions, SEBI's tightening grip on F&O trading, and a surging Chinese market luring away foreign investors.
The Indian markets opened over 100 points higher note from its Thursday’s close, tracking gains in Asian peers on optimism about end to the trade conflict between US-China. At 1210 hours S&P BSE Sensex was 235.42 points up at 40,521.90 and Nifty50 rose by 54.75 points at 11,926.85.
Earlier in the day, Sensex had opened 121.72 points up at 40,408.20 from its previous close of 40,286.48.
Bharti Airtel recovered sharply after opening in the red. It’s scrips jumped over 5 per cent despite the company posting massive Q2 losses. Vodafone Idea hit lower circuit after it reported Rs 50,922 crore loss for the September quarter from Rs 4,874 crore in the year earlier.
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Vodafone Idea Ltd and Bharti Airtel Ltd had posted record losses in the September quarter, owing to the unfavourable Supreme Court verdict.
(With input from agencies)
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