Sensex tanks over 850 points, Rs 8.5 lakh crore wiped out: Top reasons behind market rout
Stock market crash today: At around 12:02 PM, Nifty50 was trading at 22,357.85, down 245 points or 1.08%. BSE Sensex was at 71,947.85, down 691 points or 0.95%. Sustained selling in large-caps by the FIIs have contributed significantly to this trend. With the US 10-year bond yield hovering above 5.3%, FIIs will continue to sell on every rally.
The BSE Sensex and Nifty50, India's top stock market indices, experienced a significant decline on Thursday, with losses of around 1%. The reasons behind this market rout included the Reserve Bank of India's recent decision to tighten monetary policy and raise the repo rate, continued Foreign Institutional Investor (FII) selling, and other negative factors.
The BSE Sensex fell over 900 points, while the NSE Nifty50 slipped below the 22,300 mark. The sharp decline erased nearly Rs 8.5 lakh crore from the combined market capitalisation of listed companies on the BSE. Leading losers among the Sensex constituents were ITC, Adani Ports, IndiGo, Power Grid, and Reliance Industries, with shares plunging by up to 4%.
Conversely, Titan and major IT stocks like Tech Mahindra, HCL Technologies, TCS, and Infosys gained 2% each, providing some relief to the benchmark index.
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