By Bulletin Times 
Market Mayhem: Nifty Posts Worst Week of 2024, ₹18.5 Lakh Crore Investor Wealth Wiped Out
This week marked a significant setback for the Indian stock market as the Nifty 50 index plunged over 350 points on Friday, wrapping up its worst performance of 2024. The week-long rout wiped out ₹18.5 lakh crore in investor wealth, with 48 of the 50 Nifty stocks closing in the red. Dr. Reddy’s and Cipla were the only gainers, while Shriram Finance, Tata Motors, and JSW Steel suffered heavy losses of up to 9%.
The Sensex was no exception, plummeting nearly 1,200 points. Indian IT stocks, which initially gained on Accenture Plc’s upward revenue guidance, lost momentum as the Nifty IT index tumbled 2.6% on Friday and nearly 5% for the week. Giants like TCS, Tech Mahindra, and LTIMindtree were among the hardest hit, losing between 2% and 6%.
Adding to the bleak picture, several key stocks, including Reliance Industries and IndusInd Bank, hit their 52-week lows. Foreign investors continued their selling spree, offloading ₹2.25 billion worth of equities on Thursday, their fourth straight day as net sellers.
Global cues weighed heavily on market sentiment. The US Federal Reserve’s hawkish outlook on interest rates, suggesting fewer cuts in 2025 than anticipated, sent shockwaves through global and domestic markets. The Nifty also fell below its crucial 200-Day Moving Average (DMA), signaling potential further declines.
Vaishali Parekh of Prabhudas Lilladher emphasized that the market is now at a critical support level of 23,750. “If this level doesn’t hold, we could see a slide toward 22,500. Conviction for a trend reversal will only come above 24,100,” Parekh noted.
Despite the turbulence, analysts remain cautiously optimistic about a potential recovery in the coming months, bolstered by expectations of increased government capital expenditure. For now, however, the markets remain on edge as investors navigate these challenging times.