Mumbai: The Indian stock market saw a steep decline on Tuesday amid weak global cues. This decline could have significant implications for individual investors, especially those with holdings in PSU banks, metal, and realty sectors, where heavy selling was observed.
Due to the fall, the market cap, which is the total value of all the shares of a company or companies traded on a stock exchange, of all the companies listed on the Bombay Stock Exchange (BSE) dropped by about Rs 9 lakh crore to Rs 445 lakh crore.
The Sensex, a key stock market index that tracks the performance of 30 major companies listed on the Bombay Stock Exchange, closed at 81,151.27 at the end of trading after a huge fall of 930.55 points or 1.15 percent. At the same time, the Nifty, another key stock market index that represents the weighted average of 50 Indian company stocks in 13 sectors, closed at 24,472.10 after falling 309.00 points or 1.25 percent.
The Nifty Midcap 100 index closed in the red at 56,174.05 after slipping 1503.65 points or 2.61 per cent at the end of trading. The Nifty Smallcap 100 index closed at 18,061.00 after falling 736.40 points or 3.92 percent.
Nifty Bank closed at 51,257.15 after falling 705.55 points or 1.36 percent. Selling was seen in the Nifty’s Auto, IT, PSU Bank, Fin Services, Pharma, FMCG, Metal, Real Estate, Media, Energy, Private Bank, Infra, and Commodity sectors.
The market trend remained negative, with a significant number of stocks feeling the impact. On the BSE, 3,407 stocks were in the red, far outnumbering the 576 stocks that were trading in the green. Nearly 75 stocks closed without any change.
Barring ICICI Bank and Bharti Airtel, all the major stocks in the Sensex pack ended in red.
BHEL, Coal India, M&M, Tata Motors, Tata Steel, SBI and Hindalco were the top losers in the Nifty pack. On the other hand, Infosys, ICICI Bank and Bharti Airtel were the top gainers.
Market experts underscore that the bearish sentiment continues to hold sway over the domestic market amidst heightened volatility. Small and midcap stocks have borne the brunt of this downturn.
“The RBI’s latest bulletin upholds India’s GDP growth forecast of 7.2 percent for FY25, suggesting that the Q2 slowdown is temporary, with festive season consumption expected to rebound and ease the pressure on earnings downgrades,” said experts.
–IANS
