Indian equity markets witnessed a sharp selloff on Friday, with the benchmark index Sensex falling over 1,000 points due to a weak monsoon forecast and uncertainty over the US-Iran peace deal. Sensex also saw a sudden fall at 3 pm as the MSCI rebalancing kicked in during the last half-hour of trading.
The 30-share index closed 1,092.06 points, or 1.44 per cent, lower at 74,775.74, while the NSE Nifty50 dropped 359.40 points, or 1.5 per cent, to settle at 23,547.75.
Sensex opened higher and moved in a tight range for most of the session. However, at 3 pm, it fell 850 points in 10 minutes after the global index provider MSCI rejig that added four Indian stocks and removed four from its Global Standard Index in its latest update.
National Aluminium, Federal Bank, Indian Bank and Multi-Commodity Exchange of India are set to enter the index, while Kalyan Jewellers, Hyundai Motor India, Rail Vikas Nigam and Jubilant Foodworks will exit it.
About the Author
