Sensex Tumbles on Financial Stocks, Crude Oil Worries

Indian stock markets took a downturn on Friday, August 8, as financial stocks and crude oil prices dragged down the Sensex and Nifty indices.

The BSE Sensex dropped 455.59 points, or 0.58 per cent, to settle at 78,499.17, while the 50-share NSE Nifty dipped 65.35 points, or 0.27 per cent, to end at 24,570.65.

The decline was led by financial stocks, with Bajaj Finance plummeting 5.90 per cent and Bajaj Finserv falling 4.18 per cent.

Ponmudi R, CEO of Enrich Money, attributed the sell-off to investors assessing the potential impact of tighter norms for non-bank financial companies (NBFCs) proposed by the Reserve Bank of India.