Sensex slumps 1,000 points; markets bleed for a third straight session as investors dump financials, cyclicals

Indian equities extended their losing streak on Friday, with the Sensex closing at 74,775.74, down 1.44% or 1,092.05 points, while the Nifty ended at 23,547.75, lower by 1.50% or 359.40 points. It was the third straight day of decline, and the session ended near the day’s low after a sharp downtick in the last hour of trade.

Early strength fades

The market had opened on a firmer note, helped by softer crude, but that support faded quickly. As the day progressed, selling pressure widened and investors moved into a clear risk-off stance, with the decline broadening beyond headline indices to sectors and individual heavyweights.

Breadth stays weak

Market breadth tilted firmly in favour of declines, with the advance-decline ratio at 1:2. On the Nifty 50, losers dominated the tape, including Power Grid , Bajaj Auto , Max Health , IndiGo , Eicher , ONGC and other large names. The weakness was not confined to a few names; it showed up across market-cap segments as well.

The Nifty Bank index fell 615 points to 54,239, while the midcap index slipped 835 points to 61,724. That showed pressure across both financials and broader market stocks, with investors cutting exposure rather than rotating aggressively within the market.

Select names hold up

Only a small cluster of stocks finished in the green. Tech Mahindra gained more than 5% on expectations of a healthy outlook, while HCLTech and Wipro also ended higher. Asian Paints managed to close in the green after a modest Q4 print, and Tejas Network s rose more than 5% on expectations of a healthy outlook as well.

By contrast, Hikal fell more than 11% after a disappointing Q4, and MCX dropped more than 7% after a brokerage downgrade. Those sharp moves added to the sense that stock-specific earnings reactions were driving the market, rather than any broad risk appetite.

The day’s weakest point came in the final hour, when the market slid further and closed at the low end of the range. Only 5 Nifty stocks closed higher, and 3 of them were IT names — Tech Mahindra, HCLTech and Wipro. At the same time, 13 Nifty stocks fell more than 3% during the session, stressing the depth of the selloff.