₹4 Lakh crore wiped off stock market: Investors hit hard as trading plumps
Sensex and Nifty tank on soaring crude oil prices and FII selling. Auto and banking sectors lead the decline
Mumbai (The Uttam Hindu): After three consecutive days of spectacular gains, Tuesday morning was nothing less than a nightmare for Dalal Street. As soon as the market opened, there was such an earthquake that investors lost nearly Rs 4.25 lakh crore in the first few seconds. Skyrocketing crude oil prices in the international market and continuous selling by foreign investors (FIIs) spoiled the mood of the entire market. Due to this heavy pressure, Sensex and Nifty fell flat and the market was completely covered in red.
Sensex-Nifty fall flat, loss of Rs 4.24 lakh crore
Major indices tumbled in early trade. The BSE Sensex plunged 1.05% to 73,326.61, while the NSE Nifty fell 0.9% to 22,771.75. This decline wasn't limited to large companies; the midcap and smallcap indices also fell by nearly 1%. This widespread selling caused the total market value of BSE-listed companies to plummet by ₹4.24 lakh crore within seconds, leading to massive losses for investors early in the morning.
These big stocks sank, some showed slight greenery
In this big fall on Tuesday, the shares of many famous companies made the investors cry tears of blood. The biggest losses were suffered by Indigo, Zomato's parent company Eternal, Mahindra & Mahindra (M&M), State Bank of India (SBI), Axis Bank and Asian Paints. The shares of all these companies registered a huge fall of about 2 to 3 percent. However, even amidst this heavy selling, some shares tried to support the market. Shares of Bajaj Finance, Tech Mahindra, HCL Tech and ITC were seen trading in the green mark, but the increase in them was very marginal.
Auto and banking sectors disappointed the most
Among sectoral indices, Nifty Auto was the hardest hit on the National Stock Exchange (NSE). The index fell by more than 2 percent in the initial trading hours. The Nifty PSU Bank index also declined by a significant 1.9 percent. Meanwhile, the India Vix, which measures market fear, saw a significant 2 percent jump, clearly reflecting investor nervousness. However, Nifty Metal saw a slight gain of 0.7 percent. Amid this turmoil on the NSE, approximately 1,105 stocks declined, while 1,398 stocks advanced, and 82 stocks remained unchanged.