Benchmark index Nifty 50 recorded its fourth straight weekly decline, its longest since August 2023, wiping out nearly Rs 20 lakh crore in investor wealth as 46 of 50 index stocks ended in losses.

The Nifty 50 recorded losses in 46 of its 50 stocks, leading to an overall decline of nearly 3% for the index.

On Friday, the Nifty fell by 218.60 points to close at Rs 24,180.80, while the Sensex dropped 662.87 points to end at Rs 79,402.29.

All sectoral indices, except FMCG, closed lower, with PSU and metal stocks experiencing the largest declines.

IndusInd Bank’s shares plunged 20% after the company reported a 39.5% year-over-year drop in consolidated net profit for Q2 FY25, totaling Rs 1,331 crore.

HPCL and BPCL fell between 5% and 8% due to weak second-quarter results. Dixon Technologies saw an 8% decline after profit booking following strong Q2 earnings.

ITC shares rose 2% after reporting nearly 17% growth in Q2 revenue and a 3% increase in profit despite margin pressures.

Axis Bank’s shares increased by 2% after the Reserve Bank of India approved Amitabh Chaudhry’s re-appointment as Managing Director and CEO.

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