Sensex closes down roughly 700 points to 61,054 and Nifty at 18,069 at the closing bell

In terms of Sensex companies, HDFC Bank fell 5.80%, followed by HDFC, which fell 5.57%. The significant sell-off in the index component HDFC twins contributed to a more than 1% fall in the benchmark equity indexes Sensex and Nifty at Friday's close. The 30-share BSE Sensex fell 694.96 points, or 1.13 percent, to close at 61,054.29 on the BSE. It fell 747.08 points, or 1.20 percent, to 61,002.17 during the trading day.

The NSE Nifty ended at 18,069 after losing 186.80 points or 1.02 percent.

Among the Sensex companies, HDFC Bank fell 5.80%, followed by HDFC, which fell 5.57%. In response to news that the combined HDFC business would experience major outflows, both stocks dropped precipitously.

Heavy selling in HDFC Twins contributed to the decline in the Indian market because of concerns about post-merger money outflows. Additionally, the ECB increased rates by 25 basis points and indicated the need for additional rate increases, which left global peers' cues underwhelming.

Vinod Nair, Head of Research at Geojit Financial Services, stated that persistent selling pressure had been felt on Wall Street as a result of concerns in the banking sector over the viability of regional banks.

The other significant laggards included IndusInd Bank, Tata Steel, Kotak Mahindra Bank, Mahindra & Mahindra, Bajaj Finserv, HCL Technologies, Infosys, Wipro, and NTPC. Among the winners were Titan, UltraTech Cement, Maruti, Nestle, ITC, and Larsen & Toubro.

Shanghai finished lower on Asian markets, but Hong Kong closed higher. Equity markets in Europe were trading higher. Thursday's US stock market close was negative.

According to exchange data, Foreign Institutional Investors (FIIs) were net purchasers on Thursday as they purchased shares of stock worth Rs. 1,414.73 crore. Brent crude, the benchmark for all crude oil, increased 1.59 percent to USD 73.65 a barrel.

The BSE benchmark increased 555.95 points or 0.91 percent on Thursday to close at 61,749.25. To finish at 18,255.80, the Nifty had increased by 165.95 points, or 0.92 percent.

Images Credit to ANI