Stock market update: Indian indices crash following weak Global markets
There was a big decline in the Indian stock market in the day’s trade. Sensex has slipped 1,100 points due to global cues and profit-booking by investors. The Nifty Index of the National Stock Exchange is seeing a decline of more than 300 points. The Sensex closed 1093 points down at 58,840 while Nifty tumbled 346 points to close at 17,30.85.
Due to heavy selling, shares of all sectors were trading in red mark in the market.
Out of 50 stocks of Nifty, only 2 stocks Cipla and IndusInd Bank ended the day in green, the remaining 48 stocks were in red. Out of 30 stocks of Sensex, only two shares were in green mark. The remaining 28 stocks all closed below their previous day level.
Big loss to investors
Due to the huge fall in the stock market, there has been a big dent in the wealth of the investors. The market cap of BSE has decreased by Rs 5 lakh crore. The market cap has come down from Rs 285.9 lakh crore to Rs 280 lakh crore.
Why the market fell
It is believed that the US Federal Reserve may increase interest rates for the third time in a row. Next week is the Fed Reserve meeting. In which a decision can be taken to increase interest rates to curb inflation. Due to which there is a sell-off in the market.
