As many as 70 stocks with over ₹1,000 crore in market capitalisation have declined between 15% and 50% in the last five trading sessions. Brokers are asking clients to liquidate their leveraged bets in the wake of regulatory warnings and concerns about smaller shares being overheated after a crackdown on a hawala operator for stock manipulation.

The S&P 500 and Nasdaq closed lower on Friday after touching record highs during the session, with chip stocks going into reverse and a mixed labor market report that showed more new jobs than expected with a rising unemployment rate.

India’s equity indices dropped over 1% as traders cut bullish bets ahead of a US inflation reading on Thursday that is expected to impact the Federal Reserve’s interest rate cut timing. Nifty fell 1.11% to close at 21,951, while BSE’s Sensex declined 1.08% to close at 72,304. Nifty Midcap 150 and Nifty Smallcap 250 index also declined. Some analysts attributed the fall to record high open interest in index and futures.

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Equity indices declined on the last trading day of 2023 as investors preferred profit-taking after the recent sharp rally. The 30-share Sensex fell 170 points to settle at 72,240 and the wider Nifty declined 47 points to settle at 21,731.