Sensex slumps 700 points, Nifty below 22,600. 8 key factors rattling D-Street
On Tuesday, the Indian stock market faced a substantial downturn. This sharp decline came after a previous drop exceeding 1.5% the day before. A staggering Rs 4 lakh crore was wiped off in market capitalisation, as investors reacted to rising oil prices and climbing bond yields.
The Bombay Stock Exchange (BSE) witnessed a significant decline on Tuesday, with the Sensex dropping nearly 700 points to below 72,633 and the Nifty 50 falling by around 166 points to 22,650. This marked a loss of approximately Rs 4 lakh crore from the market capitalization of all listed stocks. Major contributors to the losses included Bajaj Finance, HDFC Bank, Kotak Mahindra Bank and major IT companies such as Infosys and HCL Technologies.
Despite the overall bearish sentiment, some stocks like Sun Pharma, Adani Ports and IndiGo managed to gain marginally. India's volatility index, India VIX, surged 5% to 14.37, indicating heightened market uncertainty. The downturn was influenced by several factors, including the fading hopes for a US-Iran peace deal, soaring oil prices, surging bond yields, a tumbling rupee and negative Foreign Institutional Investor (FII) flows.
Written by urgent.news from The Economic Times - Top News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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