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Stock market today: Equity investors lost Rs 8.50 lakh crore on Tuesday as the BSE Sensex experienced a significant decline. The benchmark BSE Sensex fell by almost 1,053.10 points, closing below the 71,000 level. This drop was mainly driven by HDFC Bank, Reliance Industries, and SBI, which are heavyweights in the 30 share index.
The market capitalisation of BSE-listed companies also took a hit, eroding by Rs 8,50,820.81 crore to reach Rs 3,65,97,915.97 crore, according to a PTI report. This is a significant decrease from the market capitalisation of Rs 3,74,48,736.78 crore on January 20.
According to Siddhartha Khemka, Head – Retail Research at Motilal Oswal Financial Services Ltd, the decline in the benchmark index can be attributed to a massive sell-off and profit booking. The domestic equities started positively but soon turned red due to weak global cues and a mixed set of earnings released so far.Additionally, South Asian economies, including India, may face significant risks due to rising hostilities in the Red Sea and the prolonged disruptions caused by Houthi attacks. The Bank of Japan has also decided to keep interest rates unchanged, following China’s lead.
Investors are now eagerly awaiting the release of US GDP data and the European Central Bank rate decision. However, this week will be a truncated week with just three trading days for Indian stock markets. Given the weak global cues and the mixed set of earnings, it is expected that the market will consolidate and may experience a further drop until fresh positive triggers emerge, Khemka was quoted as saying.
Among the Sensex firms, IndusInd Bank suffered the biggest loss, falling by 6.13%, followed by SBI (3.99%), Hindustan Unilever (3.82%), Axis Bank (3.41%), and HDFC Bank (3.23%).
The market capitalisation of BSE-listed companies also took a hit, eroding by Rs 8,50,820.81 crore to reach Rs 3,65,97,915.97 crore, according to a PTI report. This is a significant decrease from the market capitalisation of Rs 3,74,48,736.78 crore on January 20.
According to Siddhartha Khemka, Head – Retail Research at Motilal Oswal Financial Services Ltd, the decline in the benchmark index can be attributed to a massive sell-off and profit booking. The domestic equities started positively but soon turned red due to weak global cues and a mixed set of earnings released so far.Additionally, South Asian economies, including India, may face significant risks due to rising hostilities in the Red Sea and the prolonged disruptions caused by Houthi attacks. The Bank of Japan has also decided to keep interest rates unchanged, following China’s lead.
Investors are now eagerly awaiting the release of US GDP data and the European Central Bank rate decision. However, this week will be a truncated week with just three trading days for Indian stock markets. Given the weak global cues and the mixed set of earnings, it is expected that the market will consolidate and may experience a further drop until fresh positive triggers emerge, Khemka was quoted as saying.
Among the Sensex firms, IndusInd Bank suffered the biggest loss, falling by 6.13%, followed by SBI (3.99%), Hindustan Unilever (3.82%), Axis Bank (3.41%), and HDFC Bank (3.23%).
The midcap and smallcap indices witnessed more decline compared to the benchmarks, with the S&P BSE MidCap falling by 2.95% and the midcap index settling 2.79% lower.
Most sectoral indices, except healthcare, ended with losses. Realty and services indices recorded the highest decline of 5.46% and 4.06%, respectively. Metal, oil & gas, and energy sectors also experienced significant drops. On the positive side, the healthcare index rose by 1.02%.
In terms of stock performance, 2,991 stocks declined, while 938 advanced and 138 remained unchanged.
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