Even as the gross domestic product (GDP) growth slid to 4.8 per cent in the fourth quarter, the stock markets kept going down throughout Friday.
The fall was happening since the morning.
The Bombay Stock Exchange (BSE) 30-share sensitive index, Sensex, closed at 19760.30, down by 455.10 points or 2.25 per cent.
Except information technology stocks, all other sectoral indices ended in the red.Among broader indices, BSE-100 lost 2.11 per cent, BSE-200 1.93 per cent, and BSE-500 1.88 per cent. BSE mid-cap stocks were down 1.33 per cent and small-cap 1.56 per cent.
The decline was led by index heavyweights such as ICICI Bank, SBI, Reliance Industries, ITC and Bharti Airtel.
On the National Stock Exchange (NSE), a broader 50-share Nifty closed at 5985.95 with a fall of 138.10 points or 2.26 per cent.
“Nifty is a whisker away from what may be a classical Head & Shoulder Pattern. A close below 5930 may confirm this bearish reversal pattern. If that happens, then we may expect 200 points fall from the current levels in the near-term. And, if global cues remain negative, it may even revisit 5500-5600 levels,” said Vikram Dhawan, Director, Equentis Capital.
Rupee sinks further
Tracking massive fall in equities, the rupee on Friday declined by 12 paise to end at 11-month low of 56.50 against the U.S. dollar amid worries over current account deficit and gross domestic product (GDP) growth.
The rupee commenced lower at 56.50 from the previous close of 56.38 at the inter-bank foreign exchange market.
Dollar demand related to defence payments and month-end imports also hurt rupee, forex dealers said.