Stock market suffers Rs 14 Lakh crore blow

Stock market suffers Rs 14 Lakh crore blow

New Delhi. In the early hours of trading today, the Sensex took a sharp tumble, shedding 2,700 points to reach 73,844. This drop came as a stark contrast to the predictions of the Exit Polls 2024, which had hinted at the PM Modi-led NDA nearing the 400-seat mark. The Nifty also experienced a significant dip, slipping 769 points to 22,494 on Tuesday.

Investors lose Rs 14 lakh crore 

This downward spiral had a profound impact on investor wealth, which saw a staggering decline of Rs 14.27 lakh crore, plummeting to Rs 411.64 lakh crore from the previous session's valuation of Rs 425.91 lakh crore. Across the board, all Sensex stocks were painted in red, with heavy hitters like L&T, PowerGrid, SBI, Reliance, NTPC, and HDFC Bank leading the losses, tumbling by up to 4.86% in early deals.

Despite this gloom, some stocks managed to hit their 52-week highs, with 63 shares achieving this feat. Conversely, only 48 stocks hit their 52-week lows on BSE during Tuesday's early trading.

Of the 2,889 stocks in play, 703 were trading in the green, while a significant 2,065 stocks were bleeding red. Meanwhile, 121 stocks remained unchanged in their positions. The somber mood extended across all 19 sectoral indices on BSE, with capital goods, banking, and auto shares bearing the brunt of the losses. The BSE capital goods, bankex, and auto indices witnessed declines of 3,257 points, 1,874 points, and 1,297 points, respectively.

Capital goods, banking, auto shares top losers

Despite the bleak outlook, foreign institutional investors showed some confidence, purchasing equities worth Rs 6,850.76 crore on a net basis on Monday. Domestically, investors also displayed a bullish stance, buying shares worth Rs 1,913.98 crore, according to provisional NSE data.

By the end of the trading day, there was a slight recovery, with the Sensex closing 2,507 points higher at 76,468, and the Nifty ending 733 points higher at 23,263. This rebound saw investor wealth rise by Rs 13.79 lakh crore to Rs 425.91 lakh crore compared to the previous session's valuation on May 31.

Market breadth in red 

Amidst this downturn, some stocks surged past their higher circuit limits, while others hit their lower circuit limits, reflecting the volatility of the stock market in the early hours. Further signaling bearish sentiment, the BSE midcap index witnessed a decline of 1,383 points to 42,984, while the small-cap stocks index on the BSE slipped 1,485 points to 46,746 levels.


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