Market meltdown: Sensex plunges 800 points, investors lose ₹4 lakh crore in 4 hours

Mumbai (The Uttam Hindu): The Indian stock market was struck as if by a powerful economic earthquake on Wednesday, July 22nd. A sell-off that began as soon as the market opened in the morning escalated into a catastrophic collapse by midday. The impact of this shock was so severe that major indices like the Sensex and Nifty recorded steep declines of over one percent. Meanwhile, mid-cap and small-cap stocks fared even worse, creating widespread panic among investors.

Property worth lakhs of crores was destroyed in just four hours

This massive tsunami in the stock market has completely devastated investors. BSE investors have suffered a massive and heartbreaking loss of nearly Rs 4 lakh crore in just four hours of initial trading. Due to this massive decline, the total market cap of all companies listed on the BSE has fallen to Rs 4,80,34,340.27 crore. Just a day before, on July 21, this total market cap was at a record high of Rs 4,84,29,839.10 crore.

Sensex and Nifty broke their crucial support levels

Due to this widespread selling in the market, the Sensex fell by more than 800 points (about 1%) to a low of 76,641.19 by this afternoon. On the other hand, Nifty 50 also could not hold its crucial support level of 24,000. It fell sharply by 200 points (about 1%) and slid to 23,961.40. The market witnessed more panic in the shares of smaller companies than in the shares of larger companies, due to which the Nifty Midcap 100 and Smallcap 100 indices registered a sharp and worrying decline of about one and a half percent.