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Nearly ₹8 trn wiped out as mkts tumble
Business Standard
|July 20, 2024
Benchmarks snap 4-day winning run amid global IT outage
India's equity benchmark indices tumbled on Friday as after the four-day winning run. A global cascade of IT outages also spooked investors.
The Sensex began the session hitting a new high but gave up the gains. It ended at 80,605, with a decline of 739 points, or 0.9 per cent.
The Nifty50 hit an intraday high at 24,855, but ended the session at 24,531, with a drop of 270 points or 1.09 per cent.
Both indices ended the week with moderate gains of 0.1 per cent each. For both the indices this was their seventh consecutive week of gains, with the Nifty equalling its longest winning streak since December last year.
For the Sensex, this is the longest weekly winning streak since January 2021. The decline on Friday wiped out investor wealth worth ₹7.9 trillion.
This story is from the July 20, 2024 edition of Business Standard.
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