Stock Market Crashes For The 5th Day in line taking investors with it
Equity investors in India saw a hasty fall in their capital by 15.74 lack crores within 5 days as the market drops drastically. BSE benchmark dipped 1045.60 points on Thursday amid undebated foreign capital outflow, inflation concerns and weak global markets. Within these 5 trading days, Sensex plunged by 6.19% and the BSE benchmark settled at 51,495.79.
Markets tanked on the weekly expiry day and lost over 2 percent, following feeble global cues. Initially, the benchmark opened with an uptick, in response to the rate hike by the US Fed, however, it couldn’t hold its ground for long and slowly drifted lower as the day progressed.
On Thursday Nestle India and all Sensex components ended lower, followed by Tata Steel, Tech Mahindra, Bharti Airtel, Wipro, IndusInd Bank, Bajaj Finance, Kotak Mahindra Bank, and NTPC.
In the broader market, the BSE smallcap gauge tumbled 2.87 percent and the midcap index fell by 2.34 percent.
All the BSE sectoral indices ended lower, smashing 5.48 percent, followed by industrials (3.06 percent, telecom (3.04 percent), realty (2.69 percent), and teck (2.51 percent), IT (2.48 percent), and utilities (2.39 percent).
Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 3,531.15 crore on Wednesday, as per exchange data.
Deepak Jasani, Head of Retail Research, HDFC Securities says that High inflation, rising interest rates and the specter of slowing growth makes a bearish cocktail for equities across the globe.
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