The 30-share BSE Sensex pack nosedived 6,126 points, or 8.01 percent, to trade at 70,342, while the broader NSE Nifty index moved 1,936 points, or 8.32 percent, down to the 21,328 level.
Sensex Crash: Domestic stocks cracked in Tuesday’s trade, wiping out the entire gains registered in the previous session. The benchmarks fell sharply as early vote-counting trends showed Prime Minister Narendra Modi’s BJP-led alliance was likely to win a majority, but the extent of the victory was not clear as its lead was narrower than predicted.
The 30-share BSE Sensex crash pack nosedived 6,126 points, or 8.01 percent, to trade at 70,342, while the broader NSE Nifty index moved 1,936 points, or 8.32 percent, down to the 21,328 level. The fall in the domestic bourses caused a loss of around Rs 43.2 lakh crore in BSE market capitalization (m-cap) today.
“The steep fall is due to the results falling short of the exit polls the market had discounted yesterday. If the BJP doesn’t get a majority on its own, there will be disappointment, which is reflected in the market. Also, it is possible that Modi 3.0 may not be as reform-oriented as the market expected and may turn more welfare-oriented,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Selling in select heavyweights such as Reliance Industries Ltd., HDFC Bank, State Bank of India (SBI), Larsen & Toubro (L&T), ICICI Bank, Bharti Airtel, NTPC, and Power Grid pulled the indices lower.
Here’s a look at today’s market fall in numbers:
Investor wealth drops by Rs 43.2 lakh crore.
Investor wealth, as suggested by the BSE m-cap, dropped by Rs 43.23 lakh crore to Rs 382.68 lakh crore today, compared with a valuation of Rs 425.91 lakh crore recorded during the previous session.
151 stocks hit 52-week low levels on the BSE
As many as 151 stocks hit their 52-week low levels today. BSE 500 stocks such as Anupam Rasayan India, Atul Ltd., Can Fin Homes, Eureka Forbes, GMM Pfaudler, HDFC Life Insurance Company, and IndiaMART Intermesh hit their respective one-year low levels. That said, 104 stocks touched their respective one-year highs today.
Market breadth was weak: 3,457 stocks were in the red.
The market breadth was weak today. Out of 3,824 stocks, 3,457 stocks were seen declining on the BSE. 271 stocks were advancing, while 96 stocks remained unchanged.
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