Stock market slips from record highs; Four day decline wipes off Rs 9 lakh crore
Due to the sharp fall in the stock market, investors’ wealth reduced by Rs 9.30 lakh crore in four days. The stock market fell amid low expectations of a recent policy rate cut, capital withdrawal by foreign institutional investors and concerns over the ongoing conflict in West Asia. The 30-share Sensex of BSE fell 454.69 points to 72,488.99 points on Thursday. Closed. The Sensex has fallen 2,549.16 points or 3.39 percent in four days.
The market capitalization of companies listed on BSE has declined by Rs 9,30,304.76 crore to Rs 3,92,89,048.31 crore ($4.70 lakh crore) in these four days. The market continued to fall since April 12 after the BSE Standard Index closed beyond the historical figure of 75,000 on April 10.
Amid huge fluctuations in the local stock markets, there was a decline for the fourth consecutive trading session on Thursday. Due to profit booking in the second half of trading, the benchmark index Sensex fell by 455 points and Nifty by 152 points. Analysts said low expectations of a policy rate cut and concerns over continued capital withdrawal by foreign institutional investors (FIIs) from the domestic market also weakened investor sentiment. BSE’s 30-share index Sensex suddenly slipped in the afternoon amidst heavy fluctuations and closed with a loss, losing all its initial gains. It weakened by 454.69 points or 0.62 percent and closed at 72,488.99 points.
