Indian equity markets tumbled sharply on Friday, December 13, as weak global cues rattled investor sentiment. At 10:37 am, the benchmark S&P BSE SENSEX plunged 1,064 points, or 1.31%, to 80,225.59, while the broader NSE NIFTY50 slipped 330 points, or 1.34%, to 24,218.90.
Market breadth was overwhelmingly negative, with 48 out of 50 NIFTY50 stocks declining. Bharti Airtel and Apollo Hospitals emerged as the only gainers. On the other hand, Shriram Finance, Tata Steel, JSW Steel, Hindalco, and IndusInd Bank were among the top losers. The India VIX, a gauge of market volatility, spiked 9.66% to 14.47, signaling heightened market nervousness.
Weak Global Cues Drag Markets
Asian markets were broadly weaker as concerns over a strong US dollar and receding hopes for deep Federal Reserve rate cuts in 2025 weighed on sentiment. MSCI’s broad Asia-Pacific index fell 0.5%, with Japan’s Nikkei dropping 1%, China’s blue-chip index slipping 0.7%, and Hong Kong’s Hang Seng declining 1.2%.
Investors digested a US Labor Department report showing producer prices rose faster than expected in November, even as a rise in unemployment claims raised questions about labor market resilience. Meanwhile, Chinese markets remained under pressure despite a Beijing pledge to boost debt and consumption, as details on new stimulus measures were sparse.
Broader Market Trends
The carnage was not limited to large-cap indices. The BSE MidCap index slid 418 points, or 0.87%, to 47,397.53, while the BSE SmallCap index fell 583 points, or 1%, to 56,542.23. Sectorally, metal stocks bore the brunt of the selloff, with the BSE Metal index dropping over 2%.
Stocks in Focus
CRISIL shares bucked the broader trend, gaining nearly 2% after announcing a ₹33.25 crore investment in Online PSB Loans for a 4.08% equity stake. Tata Motors slipped over 0.5% following news of a planned 2% price hike on its trucks and buses from January 2025, citing rising input costs.
The market rout reflects global concerns and domestic weakness, with investors bracing for more volatility in the days ahead.
