Today's stock market session ended on a heavy downturn. The Sensex closed down 616 points, or 0.83 percent, at 73,502. The Nifty ended down 160 points, or 0.72 percent, at 22,332. Indices like Bank Nifty, Midcap Index, and Fin Nifty also witnessed considerable declines. This sharp fall comes ahead of the release of domestic and US inflation data, with investors becoming apprehensive.
The Indian stock market's tumble is partly attributed to significant losses in Tata Group stocks and banking shares. Bank Nifty ended Monday with a 1.06 percent or 507-point drop at 47,327. In the BSE's top 30, 22 stocks closed in the red, with the most significant decline seen in Power Grid's shares. Banking shares like HDFC, IndusInd Bank, and SBI also contributed heavily to the losses.
262 Stocks Hit Lower Circuit
Out of NSE's 2,737 stocks, 262 traded at the lower circuit today. Only 62 stocks saw the upper circuit, while 2,048 shares closed in the red. 102 stocks hit a 52-week low, yet 103 shares also touched a 52-week high. Aside from the Pharma and Health sectors, all sectors experienced heavy selling.
Noteworthy Drop in Tata's Shares
Shares of Tata Companies saw the biggest fall on Monday due to news that Tata Sons is not preparing for listing in the near future, but instead is exploring other options. Following this news, market pressure increased and investors began to cash out on various Tata company shares, causing a notable plunge of 10.63 percent in Tata Chemicals, closing at 1,175 rupees. Additionally, shares in Tata Investments, Tata Power, Tata Motors, and Tata Steel dropped up to 5 percent.
Investors Lose 3.15 Lakh Crore
On Monday, the market capitalization of all BSE-listed companies dropped by 3.15 lakh crore rupees, closing at 389.66 lakh crores. Nearly 3,039 shares on the BSE fell, while 924 improved, and 118 shares remained unchanged.
Significant Losses in These Five Shares
Tata Chemicals shares suffered the most today, dropping by 10.63 percent. Following this, IIFL Finance dropped by 7 percent, HFCL by 7 percent, NMDC by 4.17 percent, and Zomato by 3.22 percent.
