New Delhi: With BSE Sensex and NSE Nifty plunging over 1 per cent on Tuesday, stock market investors’ wealth eroded by a massive Rs 9.19 lakh crore. The markets crashed as massive sell-off was reported 30-share index falling 930.55 points. The exchange mentioned that Foreign Institutional Investors (FIIs) sold equities worth Rs 2,261.83 crore on October 21, 2024.
The 30-share barometer slumped 930.55 points to close at 80,220.72. Intraday, it dropped 1,001.74 points to 80,149.53. The market capitalisation of BSE-listed firms eroded by Rs 9,19,374.52 crore to Rs 4,44,45,649.22 crore (USD 5.29 trillion).
“There has been no respite from FIIs selling in local equities in the current month so far, which has been creating uncertainty among domestic investors. Also, foreign investors are fleeing Indian equities to invest in relatively cheaper locations such as China, especially after the stimulus announcement by its government to boost its slowing economy.
“Along with sectoral stocks, mid and smallcap stocks too bore the brunt as persistent buying had led to valuations in several stocks getting expensive and hence the breather,” Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, said.
Laggards from the 30 Sensex pack:
Power Grid
Tata Steel
IndusInd Bank
Tata Motors
Larsen & Toubro
NTPC
Bajaj Finance
Reliance Industries
Mahindra & Mahindra
State Bank of India
However, despite the bear run, ICICI Bank, Nestle and Infosys were ended in positive. Today’s market crash resulted in declining of 3,428 stocks while 559 advanced and 71 remained unchanged on the BSE.
“Rising US bond yield amid expectation of a modest rate cut by US Fed led to weakness in global markets and outflow of funds from emerging markets like India. Following its peers, Indian equities too witnessed a decline. Q2 earnings are also showing signs of moderation which dented the sentiments,” Siddhartha Khemka, Head – Research, Wealth Management at Motilal Oswal Financial Services Ltd, said.
Data showed that the BSE smallcap gauge dropped 3.81 per cent and the midcap index declined 2.52 per cent. Notably, all sectoral indices ended lower.
BSE Industrials fell 3.51 per cent
Realty was down 3.29 per cent
Metal dropped 2.99 per cent
Commodities plunged 2.80 per cent
Power declined 2.64 per cent
Utilities slumped 2.64 per cent
Telecommunication went down by 2.63 per cent
Consumer discretionary lower 2.54 per cent
(Disclaimer: This article is only meant to provide information. News9 does not recommend buying or selling shares or subscriptions of any IPO and Mutual Funds.)
Bear attack on Dalal Street. The BSE Sensex and NSE Nifty plummeted over 1 per cent on October 22, 2024 and as a result investors’ wealth eroded by Rs 9.19 lakh crore in a single day as markets crashed. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
