The Indian stock market fell sharply on Friday. Within minutes, investors had lost Rs 2.12 lakh crore. The Indian market was reflected in the fact that the COVID crisis continues unabated and the US market has suffered heavy losses. The Sensex was down 625 points at the start of trading on Friday morning. Things were no different in the Nifty. The Nifty lost 170 points.
Investors lost Rs 2.12 lakh crore in minutes as the market capitalization of BSE-listed shares fell to Rs 154.85 lakh crore on Friday. The stock closed with a market cap of Rs 156.86 lakh crore on Thursday. ICICI Bank was the biggest loser in the 30-share Sensex. 2.99 percent to Rs 371.30.
Other losers included SBI, Kotak Mahindra Bank, Axis Bank, Indusint Bank, and Tata Steel. The Indian market was weakened by the sharp fall in the US market. The US stock market, the Nasdaq, fell 5 percent overnight and the S&P 500 3.5 percent. The biggest Wall Street loss since June was recorded.
The coronavirus crisis also led to a market downturn. In the last 24 hours, 84,156 people have been diagnosed with the virus in the country. This is the highest rate to date. It is a matter of concern that the number of patients in India is more than double that of Brazil, which ranks second. In Brazil, 44,728 people were diagnosed with the disease yesterday. The number of patients per capita in India has almost doubled. In the United States, there were 44,507 patients in the past day.