New Delhi: The bear market was dominated by bears on Thursday. Following this, the Bombay Stock Exchange benchmark Sensex fell by 1,416 points. The market capitalization fell by Rs 6.71 lakh crore to Rs 249.06 lakh crore in a single day.
The U.S. stock market fell the worst since mid-2020 on Wednesday on renewed fears of a slowdown in the economic recovery. Following this, stock sales in global markets were very strong. The impact was felt in the domestic market on Thursday. Moreover, stockbrokers said the crisis was exacerbated by the continued selling of shares by foreign investors and the unprecedented fall in the value of the rupee against the US dollar.
In particular, speculators attributed the decline to higher selling of IT and metal stocks. Meanwhile, foreign institutional investors sold shares worth Rs 1,254.64 crore last Wednesday, according to market data.
2,557 shares of the company fall in price: Out of the total 3,447 companies listed on the Mumbai Stock Exchange, only 779 shares were listed on the gains list. Instead 12,557 shares came on the fall list. 111 shares remained unchanged. 49 stocks recorded new 52-week highs and 87 stocks recorded new lows. The market capitalization declined by Rs 6.71 lakh crore to Rs 249.06 lakh crore at the end of trading. The number of registered investors has crossed 10.605 crore.
Sensex down 1,138.23 points in early trade at 55,070.30, hitting a high of 53,356.04. The Sensex, which had fallen to 52,669.51, finally fell by 1,416.30 points, or 2.61 per cent, to 52,792.23. The Sensex is currently at a two-month low. The bear dominated throughout the day.
IT stocks fall sharply: Only 3 out of 30 stocks in the Sensex gained. 23 stocks fell. Leading IT companies including Wipro, HCL Tech, Tech Mahindra, Infosys and TCS topped the list with declines of 5.20 to 6.20 per cent. Also, Tata Steel, Indus Ind Bank, Kotak Bank, M&M, Bothi Hotel, Bajaj Fin Chow, Bajaj Finance, ICICI Bank, SBI, HDFC and HDFC Bank were down more than 2 per cent. ITC, meanwhile, rose 3.43 percent. Also, Dr. Reddy and Bow Grid were on the profit list slightly higher.
Nifty down 431 points: Only 324 stocks gained on the National Stock Exchange. 1,627 shares fell. Only 3 of the 50 top rating stocks in the Nifty list gained. 47 stocks fell. The Nifty index, which started the morning at 15,917.40 with a loss of 322.90 points, touched a high of 15,984.75. The Nifty, which then traded lower at 15,775.20, finally fell 430 points (2.65 per cent) to 15,809.40.
IT, Metal indices fall sharply: All sector indices on the National Stock Exchange fell. The Nifty ID index was down 5.74 per cent, the metal 4.08 per cent and the media index 3.74 per cent. Also, Nifty Bank, Auto, Financial Services, Poma, PSU Bank, Private Bank, Realty, Healthcore, Consumer Durables, Oil & Gas indices fell by 2.20 to 2.70 per cent.
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