MUMBAI: The Indian stock market has seen a similar situation as feared and the benchmark Sensex has broken more than 900 points for the third day in a row after touching a historic high of 50,000. The stock market was in a sell-off today and the benchmark Nifty also closed below 14,000. Which has yet to signal a correction in the market.
The Sensex closed at 47409, down 937 points on Wednesday. The Nifty fell 271 points to close at 13967. The Nifty closed below 14,000 for the first time in the current calendar year 2021.
24 out of 30 benchmark Sensex and 38 out of 50 Nifty bluechip stocks were broken. Axis Bank 4 per cent, Titan, 3.9 per cent, IndusInd Bank 3.7 per cent, HDFC Bank 3.6 per cent and Dr. Reddy’s was the top-5 loser at the Sensex, down 3.4 per cent. HDFC Bank, HDFC Bank and ICICI Bank were among the biggest losers today.
All indices in the red zone
There was a general sell-off in the stock market on Wednesday and all the BSE indices closed in the red zone. The BSE’s midcap index was down 1.4 per cent and the smallcap index was down 0.6 per cent. So in sectoral indices all the indices except FMCG were down. Bankex was the biggest loser at 3 per cent and all its 10 bank stocks were negative. So the realty, oil-gas, metal, finance, energy index also crashed by more than two per cent.
Marketbroadth at BSE was heavily negative. Today, 1066 stocks rose against the BSE against which 1847 stocks closed lower.
Loss of Rs 8 lakh crore to investors
The market cap of BSE has also been steadily declining following the continuous decline in the stock market. The market cap of BSE fell to Rs 189.63 lakh crore on Wednesday, January 27. On Wednesday, the previous week, the BSE market was at Rs. 197.71 lakh crore. Investors’ wealth has eroded by Rs 8.04 lakh crore during the week.