On Friday, following a steep decline in the US stock market, chaos erupted in India's stock market as well. Investors saw their portfolios close in the red, with heavy selling pressure affecting various sectors including IT and real estate. The Sensex saw a sharp decline of 1,048 points, or 1.25 percent, closing at 82,626, while the Nifty50 dropped by 336 points, or 1.30 percent, to settle at 25,471. Notably, the banking Nifty fell by 553 points, strongly influenced by selling in the IT sector.

The turmoil was evident as out of the top 30 shares of BSE, 28 closed lower, except for Bajaj Finance and SBI. Hindustan Unilever, Eternal, Titan, Tata Steel, and TCS experienced the most significant drops, each declining by nearly 5 percent. This widespread selling pressure was not limited to the IT sector alone; it was bolstered by downturns in the metal, consumer products, real estate, energy, banking, and financial services sectors, highlighting a broad negative sentiment across the market.

The drastic movements in the stock market underscore the interconnectedness of global economic events and their influence on local markets. Investors are now left reassessing their portfolios and the potential long-term implications of such volatility. As major companies struggled, there is increasing concern over the stability of various economic sectors, urging stakeholders to prepare for a potentially rocky period ahead.