Market Turmoil: A Detailed Look

Today, the Indian stock market witnessed a significant downturn, with the BSE Sensex and Nifty50 indices experiencing sharp declines. The BSE Sensex fell below 76,600, while the Nifty50 hovered near the 23,200 mark. By 9:31 AM, the BSE Sensex was recorded at 76,726.48, marking a decrease of 652 points or 0.84%. Similarly, the Nifty50 was at 23,229.90, down by 202 points or 0.86%.

In addition to the stock market's volatility, the Indian rupee also faced challenges, depreciating by 23 paise to reach a historic low of 86.27 against the US dollar in early trading hours.

Behind the Scenes: What's Driving the Market?

The domestic market's subdued performance on Friday was influenced by rising crude oil prices, fueled by supply concerns, and a stronger dollar index. Market analysts are pointing towards a period of consolidation, with a keen eye on the US non-farm payroll data for future direction.

"A decisive slide below the said support could open the next downside of around 23,260 and lower in the short term. Immediate resistance is at 23,700," commented Nagaraj Shetti, highlighting potential market movements.

US markets also took a hit on Friday, with the S&P 500 erasing its 2025 gains. This downturn was triggered by strong employment data, which has sparked inflation concerns and tempered expectations for Federal Reserve rate cuts.

Global Impact

Asian stocks followed the downward trend after the release of US employment data, while oil prices surged to four-month highs due to new Russian sanctions. The dollar's strength against major currencies was bolstered by the robust US employment data.

F&O banned stocks include Manappuram, RBL Bank, Hindustan Copper, LT Finance, and Bandhan Bank. In terms of investment flow, FPIs sold shares worth Rs 2,254 crore, whereas DIIs purchased shares amounting to Rs 3,962 crore. The FII net short position has increased to Rs 2.77 lakh crore from Rs 2.67 lakh crore.