Market Turbulence Hits Sensex

MUMBAI: In a dramatic turn of events, the Sensex plummeted nearly 1%, or 765 points, closing at a three-month low of 79,858 on Friday. This marks the first time since May 9 that the index has fallen below the 80,000 mark, sparking concerns among investors over the potential impact of heightened US tariffs on Indian companies and the broader economy.

Foreign Fund Selling Intensifies

The selling pressure in the domestic market escalated as analysts warned of the adverse effects of US tariff penalties on Indian goods. Prashanth Tapse of Mehta Equities highlighted the dual threat of rising inflation and slowed growth, which could further dampen investor sentiment and trigger more fund outflows.

Top Losers and Market Impact

Among the notable decliners, Bharti Airtel led the pack with a 3.4% drop, influenced by a block deal. Tata Motors and Kotak Bank also saw significant losses, contributing to a staggering Rs 4.7 lakh crore erosion in investor wealth, as BSE's market cap settled at Rs 440.6 lakh crore.

Gold Prices Soar to Record Highs

Amid the market turmoil, gold futures in the US reached a historic peak, with December contracts climbing over 1% to a record $3,534 per ounce. This surge was fueled by uncertainties surrounding US import tariffs on gold bars, as reported by Reuters.