Bloodbath on Dalal Street: Investors’ Rs 7.50 lakh crore wiped out as Sensex, Nifty crash more than 3% each

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Investors’ Rs 7.50 lakh crore wiped out as Sensex, Nifty crash more than 3% each 

The sharp fall in Sensex and Nifty on Monday amid a huge selloff in the global equities saw domestic investors losing more than Rs 7.50 lakh crore. Today’s slump in the indices is the sixth out of seven sessions.

According to BSE data, the market capitalisation of all listed companies fell by over Rs 7.50 lakh crore to Rs 244.26 lakh crore in the afternoon session from Rs 251.84 lakh crore on Friday. The market capitalization of all the BSE listed companies is currently Rs 2,44,48,771.16, as per data on the BSE website at 2:30 PM. 

As many as 77 stocks hit a 52-week high on the BSE today. While 204 stocks were locked in the upper circuit, 310 scrips hit the lower circuit, as per BSE data at 1:30 PM 

After gap down opening, the 30-share BSE benchmark further plummeted as it cracked 1,568 points or 2.89% to trade at 52,735 at 1:30 PM. Similarly, The Nifty50 index was trading at 15,754 after tumbling 443 points or 2.76%.

Banking, financial service and IT stocks were the worst hit in today’s session. Bajaj Finserv, Bajaj Finance, ICICI Bank, State Bank of India, Kotak Mahindra Bank, Tech Mahindra and IndusInd Bank emerged as the major laggards. Weakness in index major Reliance Industries also dragged the market. 

Bajaj Finserv tumbled 6 per cent while Bajaj Finance crashed 5.27 per cent to Rs 5369.10. IndusInd Bank slumped 5.32 per cent to Rs 869.70. ICICI Bank lost around five per cent. State Bank of India dipped 3.51 per cent to Rs 445.60. There was heavy selling pressure in IT stocks. TCS slumped around four per cent. Tech Mahindra was trading 4.37 per cent down. Infosys was down 3.53 per cent.

“After bloodbath in the US market on Friday, we are seeing the same trend in the Indian market. This is mainly due to CPI data of the US and Covid spurt in China,” Ravi Singhal, vice chairman, GCL Securities, said.

“Now market thinks there could be more rate hike… Still some pain is left for us. Nifty could touch 15,200 in coming weeks,” he added.

READ MORE: Crypto markets crash: Bitcoin, Ethereum see massive dip in valuation – Here’s why

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