After an initial surge, the stock market (Stock Market U-Turn) took an unexpected nosedive. The Sensex (Sensex) today plummeted from its high by 2 percent or 1434 points, trading sharply lower. Meanwhile, the Nifty had reached its all-time high of 22,794 today, from where it's currently trading down by about 1.60 percent or 400 points.
By 1 PM, the Nifty had fallen 250 points to 22,400, while the Sensex dropped 916 points to trade at 73,695. The Bank Nifty also crashed, losing over 475 points to trade at 48,765. Out of BSE's top 30 stocks, 28 have experienced significant declines. Bajaj Finance saw a 2 percent increase. Conversely, Bharti Airtel faced the most considerable drop of 2.42 percent.
Out of 2,553 stocks on the NSE, 763 are seeing continued growth, while 1,689 are witnessing significant losses, and 101 remain unchanged. 133 stocks have hit their 52-week high, and 7 have touched their lows. There are upper circuits in place for 87 stocks and lower circuits for 37. It's noteworthy that today the Sensex had risen by 460 points to reach 75,095.18, while the Nifty had climbed roughly 150 points to hit its all-time high of 22,794.
These 6 Stocks Witness Heavy Decline
Due to the severe slump in the stock market, stocks like CEAT Tires plummeted by 4.2%, Jyoti Labs by 3.6%, Blue Star shares by 3%, MRF shares by 3%, Trent shares by 3%, and a 2.7% decline was seen in ICICI Lombard's stock.
Source: aajtak
What Prompted the Market Reversal?
After Friday's buoyancy, profit-taking in heavyweight shares dominated, causing the market to plummet. Today, profit-taking occurred in stocks such as Reliance Industries, HDFC Bank, and IT stocks. Another reason was that foreign institutional investors sold shares worth 964 crore rupees on Thursday. Additionally, the Sensex's expiry today served as a third significant factor.
Billion-Dollar Drop Today
The market capitalization of all listed companies on the BSE has dropped by about 3 lakh crore rupees to 405.83 lakh crore rupees. This means a 2.67 lakh crore rupees reduction in wealth for those invested in BSE shares today.
Please note that you should seek advice from your market expert before investing in the stock market.
