The stock market recorded a huge decline on Thursday. The Sensex fell 555.95 points to close at 81,159.68, while the Nifty fell 166 points to close at 24,890.85. The Nifty Bank dropped 145 points. The BSE Smallcap index fell 400 points and the BSE Midcap index fell 330 points.
Among the top 30 shares of BSE, Tata Trent, Powergrid and Tata Motors saw the biggest decline, which fell nearly 3 percent, while BEL saw the highest lead of 2 percent. Of these 30 shares, 26 shares closed in red mark, while four shares closed with an increase.
Region wise, all other areas remained under pressure, except for a slight edge in metals. IT, real estate and financial banking sector were the most affected, the three declined by more than 1 percent. In addition, the drug and auto areas also suffered a lot of damage.
Why did the market a sudden decline?
The ban on H-1B visa in the US has had a direct impact on India’s stock market, as today IT sector saw a huge decline. TCS shares fell 2.55% to ₹ 2,958, which is a three -year low. Infosys, Wipro and other IT stocks also saw a huge decline.
The rupee also declined and the rupee weakened by 22% against the dollar at 88.31.
Global Oil Benchmark Brent crude rose 0.66% to $ 67.12 per barrel. Increasing oil prices can increase both inflation and import bills.
There is no relief from foreign markets. Hang Seng fell nearly 1%, while the wall street futures also closed in red mark.
The trade route between the US and India is currently unclear, causing foreign investors to be hesitant to invest.
Heavy losses to investors
The market capitalization of BSE, which was ₹ 461.34 lakh crore on September 24, has come down to ₹ 457.35 lakh crore today. This means that investors have lost about ₹ 4 lakh crore in a single day.
The biggest decline in these shares
Tata Investments shares fell by 6 percent today. Sudarshan chemicals declined by 5.25 percent. Heritage Foods declined by 5 percent, Kalyan Jewelers 3.45 percent and Ikott 2.60 percent.
