IT outage, profit booking ahead of Budget wipe out Rs 8 lakh crore from equity market

Snapping a four-day winning rally, India’s equity market benchmarks – BSE Sensex and NSE Nifty50 – took a beating on Friday due to a global sell-off, triggered by operating system issues that caused devices to crash worldwide. Premium valuation concerns and investors deciding to book profit ahead of the Union Budget due on Tuesday next week also dampened sentiments.