Stock market today: Nifty 50, Sensex fall 1.5% each; mid, smallcaps bleed; investors lose over ₹8 lakh crore in a day
It seems the Indian stock markets had a rough day today, with the key indices Nifty 50 and Sensex falling sharply by 1.5% each. Some of the key updates regarding today's stock market performance are:
The 50-share Nifty index closed at 17,175, down 1.5% or 263 points. The 30-share BSE Sensex settled at 57,788, also falling 1.5% or 951 points.
The broader markets saw even deeper cuts, with midcaps and smallcaps indexes bleeding heavily. Nifty Midcap 100 and Nifty Smallcap 100 plummeted 2.5% to 3% each.
Investor wealth eroded significantly due to the sharp market correction. Total market capitalization on BSE sank by a massive ₹8.33 lakh crore in a single day.
Among major sectoral indexes, Nifty Bank and Auto saw the biggest drops of around 2% each. Most sectoral gauges ended with deep cuts indicative of the widespread market selloff.
Among prominent names, Reliance, Infosys, HDFC Bank, Kotak Bank, TCS were the top drags on Sensex - falling between 1.6% to 3.2%
The sharp market correction was on the back of weak global cues and mixed earnings from India Inc. Concerns over expensive valuations, rising bond yields, and foreign fund outflows also dampened investor sentiment. The overall mood remained risk-averse with uncertainty over market direction ahead.
