First Published Sep 16, 2022, 4:45 PM IST
The bear dominance in Mumbai and national stock market was flagging today. As the Sensex fell by more than a thousand points, investors lost Rs 6 lakh crore.
Investors’ assets in the Mumbai Stock Exchange were at Rs 285.90 lakh crore, but fell by Rs 6 lakh crore in a single day to Rs 279.80 lakh crore.
Sensex plunged 1,039 points in Mumbai
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It ended the trade at 58,840 points. It fell by about 1.82 percent. The Nifty closed at 17,530, down 346 points or 1.94% on the NSE.
What is the reason?
The instability and pressure prevailing in the international market also echoed in the Indian market. Asian markets like Kospi, Nikkei and Hang Seng also fell. The fall in the US stock market yesterday echoed around the world.
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The Federal Reserve raised interest rates to curb high inflation in the United States but did not decrease. Hence, the Federal Reserve Bank chief had confirmed that this time it would be a tough hike.
There are fears that if the Federal Reserve raises interest rates, the dollar will strengthen against the world’s currencies and foreign investors will withdraw from the markets.
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In addition to this, the World Bank and the International Monetary Fund have warned that there is a global economic recession. This caused confusion among investors. Subsequently, they sold the shares to keep the investment safe. Due to this, the value of shares in Mumbai and National Stock Exchange went to rock bottom
big blow
Shares of Reliance Industries, Infosys, HDFC Twins, TCS and ICICI Bank fell between 2-3%.
Among the 30 major stocks on the Mumbai Stock Exchange, only IndusInt Bank and Axis Bank escaped unscathed. Another 28 stocks ended lower.
Banking, Public Sector Banks, Automobile, Information Technology, Metals and Real Estate sectors also fell sharply in the national stock market.
Last Updated Sep 16, 2022, 4:46 PM IST