The 30-share BSE Sensex pack gave up 931 points, or 1.30 percent, to end at 70,506, while the NSE Nifty index as a whole lost almost 303 points, or 1.41 percent, to close at 21,150.
A SUMMARY
- Every one of the NSE’s fifteen sector gauges ended the day in the red.
- The market capitalization (m-cap) of the BSE was lost in the region of Rs 9 lakh crore.
- Sub-Indexes The NSE platform was outperformed by Nifty PSU Bank, Nifty Metal, and Nifty Auto.
Benchmarks for Indian equities fell precipitously on Wednesday following the scaling of new lifetime highs. When the larger NSE Nifty index dropped by almost 303 points, or 1.41 percent, to finish at 21,150, the 30-share BSE Sensex pack fell 931 points, or 1.30 percent, to end at 70,506 levels. Profit booking at higher levels and an increase in Covid-19 cases in the nation may be connected to the correction in domestic benchmarks.
The Sensex reached an all-time high of 71,913 points earlier in the day, while the Nifty reached a new record high of 21,593. Fag-end sell-off coincided with the stock market’s sharp decline.
Due to the severe decline in domestic bourses, the BSE’s market capitalization (m-cap) was nearly completely destroyed, amounting to approximately Rs 9 lakh crore. Investor wealth decreased by Rs 9.11 lakh crore to Rs 350.01 lakh crore, according to the BSE m-cap, from a valuation of Rs 359.11 lakh crore that was recorded in the previous session.
Tanks of auto, bank, and metal stocks
Every one of the NSE’s fifteen sector gauges ended the day in the red. Sub-indices Nifty PSU Bank, Nifty Metal, and Nifty Auto saw declines of up to 4.04 percent, 3.82 percent, and 2.28 percent, respectively, as they underperformed the NSE platform.
Increased instances of COVID-19
According to data from the Union Health Ministry, India saw a spike in Covid-19 cases, with 614 new infections reported in the last 24 hours the highest number since May 21.
First identified in Kerala, the Covid sub-variant JN.1 is the cause of the recent spike in cases. Prior to this, Karnataka required face masks to be worn by anyone over 60 who had comorbidities and was experiencing fever, phlegm, or cough. This was in response to the discovery of a Covid subvariant case in nearby Kerala.
Parth Nyati, the founder of Tradingo, suggested that some investors may be using the recent increase in Covid-19 cases as a convenient justification to pull out.
Rates of crude oil
After Houthi militants from Yemen, who are aligned with Iran, attacked ships in the Red Sea, disrupting maritime trade and forcing more companies to reroute vessels, oil prices increased by more than a dollar per barrel.
Data from FII-DII
Today, domestic institutional investors (DIIs) purchased shares valued at Rs 4,754.34 crore, while foreign institutional investors (FIIs) sold Indian shares on a net basis, offloading shares worth Rs 1,322.08 crore.
