Rs 3 lakh crore wiped off! Here's what spooked market today

Dalal Street traders ended the week on a bitter note as benchmark indices nosedived over 1 per cent and logged their first weekly drop after four weeks. Dragged by a sell-off in IT and bank stocks, the BSE benchmark Sensex cracked 1,016.84 points to close at 54,303.44. Its broader peer, the Nifty 50, settled 276.30 points or 1.68 per cent lower at 16,201.80. The index has logged its worst week in a month. The broad-based selloff wiped out more than Rs 3.09 lakh crore of investor wealth. The total market cap of BSE-listed companies slipped to Rs 251 lakh crore on Friday.