There was an all-round sell-off in the stock market on Thursday, due to which the investors lost about Rs 6 lakh crore. Talking about the main index of the stock market, the Sensex closed at 52,792 points, down 1416 points or 2.61 per cent, while the Nifty50 closed at 15,809 points, down 430 points or 2.65 per cent.
Nifty 50 only three stocks rose: 47 out of fifty stocks of the main index Nifty50 on the National Stock Exchange fell while only 3 stocks closed up. The climbers included ITC (3.32 per cent), Dr Reddy’s Labs (0.61 per cent) and Power Grid Corporation (0.18 per cent). At the same time, the biggest losers were Wipro (6.25 per cent), HCL Tech (5.99 per cent), Infosys (5.44 per cent), Tech Mahindra (5.43 per cent) and TCS (5.42 per cent).
Selling dominated in IT and Metal: The biggest impact of the fall in the stock market was seen in the IT and Metal sector. Nifty’s IT index market fell 5.75 per cent till the end of the session, which is the biggest fall in the IT sector in the last two years. At the same time, there was a strong fall in the metal index and by the time the market closed, it fell up to 4.08 percent. Metal sector majors Tata Steel, Vedanta, SAIL and Hindalco fell up to 5 per cent.
Market slips due to weak global cues: Global markets remain volatile due to the rise in crude oil, prolonged drag of Russia-Ukraine war. At the same time, rising inflation in the world has increased this concern, due to which the US stock market fell by more than 3 percent yesterday. The effect of the fall in the US stock market yesterday was visible on all European markets along with India today.