A renewed plunge in oil prices sparked a sell-off in stock markets on Friday, deepening worries about a global economic slowdown. India's benchmark indices fell to a 19-month low late Friday after oil fell below $30 a barrel, resulting in losses for the second consecutive week.
This week, benchmark indices have fallen close to 2%. On Friday, the BSE Sensex fell 317.93 points, or 1.28%, to close at 24,455. The NSE Nifty dropped 99 points, or 1.31%, to end at 7,437.80.
The sell-off was sharper in the broader market with the BSE's mid-cap index declining 2.7%, and the small-cap diving 3.1%. Losers outnumbered gainers 2288:399 on the BSE.
Brent crude fell 4.5% to $29.46 a barrel on concern Iran could restart oil exports that could put further pressure on the market already reeling under oversupply. Fund managers said worries about slowing demand from China would be a bigger concern for investors.
This week, BSE's mid-cap index fell close to 6%, while the small-cap index dropped 7.5%. Mid and small-cap stocks were among the top performers in 2015, while large-caps fell during the year.Analysts expect these stocks to continue falling sharper than blue-chips in the coming weeks because of steep valuations and waning investor interest.
This week, benchmark indices have fallen close to 2%. On Friday, the BSE Sensex fell 317.93 points, or 1.28%, to close at 24,455. The NSE Nifty dropped 99 points, or 1.31%, to end at 7,437.80.
The sell-off was sharper in the broader market with the BSE's mid-cap index declining 2.7%, and the small-cap diving 3.1%. Losers outnumbered gainers 2288:399 on the BSE.
Brent crude fell 4.5% to $29.46 a barrel on concern Iran could restart oil exports that could put further pressure on the market already reeling under oversupply. Fund managers said worries about slowing demand from China would be a bigger concern for investors.
This week, BSE's mid-cap index fell close to 6%, while the small-cap index dropped 7.5%. Mid and small-cap stocks were among the top performers in 2015, while large-caps fell during the year.Analysts expect these stocks to continue falling sharper than blue-chips in the coming weeks because of steep valuations and waning investor interest.
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