Leaders Online Desk: Indian stock markets tumbled on Thursday (Dec 9) amid growing uncertainty over the Lok Sabha elections, lack of positive global cues, rising crude oil prices and selling pressure from foreign investors. The market continued to fall for the fifth consecutive session. In today's trading session, the Sensex fell by nearly 1,100 points to below 72,400. The Nifty 50 index fell by more than 350 points to below 22 thousand. This is the first time that Nifty has fallen below 22 thousand since April 19.
Meanwhile, the Sensex closed down 1,062 points at 72,404. Nifty fell by 345 points to settle at 21,957. Sensex and Nifty fell by 1.45 percent and 1.55 percent respectively.
7 lakh crore hit to investors
Investors lost Rs 7.01 lakh crore due to today's fall in the market. Due to this, the market capitalization of BSE listed companies fell to Rs 393.68 lakh crore on May 9. On May 8, the market capitalization stood at Rs 400.69 lakh crore. This means a loss of 7.01 lakh crores in the market capitalization of BSE listed companies.
Market highlights
- BSE Midcap fell 2 percent
- Smallcaps fell by 2.41 percent
- All sectoral indices except auto fell
- Nifty Oil & Gas fell by 3 percent
- Nifty Bank, Nifty FMCG indices fell by 1 and 2 percent respectively
- The Nifty Auto index rose 0.8 percent
Which stocks fell?
Sensex opened at 73,499 today. It then fell below 72,400. Top losers were LT, Asian Paints, ITC, IndusInd Bank, JSW Steel, NTPC, Bajaj Finance, Bajaj Finserv, Tata Steel, Power Grid, HDFC Bank. While Tata Motors, M&M, SBI, HCL Tech, Infosys shares rose.
Top losers on Nifty 50 were LT, Asian Paints, Coal India, BPCL, ONGC. These shares fell between 3 and 6 percent. While Hero Motocorp, M&M, Tata Motors, SBI, HCL Tech remained the top gainers.
What are the factors behind the decline?
Ambiguity in the market
Three phases of voting for Lok Sabha Election 2024 have been completed so far. Overall pre-election enthusiasm has died down. Stock market experts are saying that uncertainty in the market will increase as the date of Lok Sabha election results approaches.
'HE' heavyweight shares fell
Heavyweight shares Reliance Industries, Larsen & Toubro (L&T) fell in today's trading session. L&T shares were the top losers on the Sensex. The stock fell nearly 6 percent to Rs 3,277. Reliance shares fell 1.5 percent to below Rs 2,800. Selling in HDFC Bank, ITC shares also kept pressure on the market. Shares of HDFC Bank fell 1.6 percent to Rs 1,456. Nifty Bank fell by 300 points. While the Nifty FMCG index lost around 1,300 points.
Emphasis on sales by foreign investors
Foreign investors have continued to focus on selling in the Indian market. This has put pressure on the market. According to NSE data, foreign institutional investors sold shares worth Rs 6669.10 crore on a net basis on Wednesday, while domestic investors bought shares worth Rs 5928.81 crore. Foreign investors sold shares worth Rs 15,863 crore in the last five trading sessions in May. Meanwhile, foreign investors (FIIs) have withdrawn around Rs 46,000 crore from financial stocks in the first four months of this year, 2024.
What is the status of the global market?
In Asian markets, all major indices except South Korea's Kospi traded in the green. US markets remained mixed on Wednesday.
Read this:
