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Friday, May 24, 2024

Sensex plunges 900 points, below 73k, as a result of a widespread selloff; small- and mid-cap stocks fall


<p>The small- and mid-cap indexes saw a steep decline, while the equity benchmark index Sensex saw widespread selling pressure on Wednesday, causing it to dip below the 73,000 barrier by almost 900 points.</p>
<p><img decoding=”async” class=”alignnone wp-image-505139″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-sensex-plunges-900-points-below-73k-as-a-result-of-a-widespread-selloff-small-and-.jpg” alt=”theindiaprint.com sensex plunges 900 points below 73k as a result of a widespread selloff small and” width=”994″ height=”661″ title=”Sensex plunges 900 points, below 73k, as a result of a widespread selloff; small- and mid-cap stocks fall 21″></p>
<p>In addition, experts noted that recent selling by foreign investors and significant losses in the utility, oil, and metals sectors contributed to the pessimism.</p>
<p>All sectoral indices ended the day lower than when they began, with benchmark indexes beginning the day higher due to increased selling throughout afternoon trading.</p>
<p>The 30-share index fell 1.23%, or 906.07 points, to close at 72,761.89. It fell 1,152.25 points, or 1.56%, to 72,515.71 over the day.</p>
<p>To 21,997.70, the Nifty fell 338 points, or 1.51 percent.</p>
<p>The Sensex pack’s worst loss was Power Grid, which fell more than 7%. NTPC, Tata Steel, Tata Motors, JSW Steel, Bharti Airtel, Titan, Reliance Industries, and Hindustan Unilever were the next companies down.</p>
<p>On the other hand, the winners were Nestle, Bajaj Finance, HDFC Bank, ITC, ICICI Bank, and Kotak Mahindra Bank.</p>
<p>“The unfavorable risk-reward balance of mid- and small-cap equities, fueled by protracted premium valuations, has exacerbated the decline, in contrast to the worldwide increase. FMCG and risk-averse investments like gold are providing some solace in the meantime. According to Vinod Nair, Head of Research at Geojit Financial Services, “Aside from the premium valuation, no fundamental issue is noticed to drawback the long-term growth image of domestic midcaps.”</p>
<p>The BSE smallcap gauge fell 5.11 percent in the overall market, while the midcap index fell 4.20 percent.</p>
<p>Seoul finished higher in the Asian markets than Tokyo, Shanghai, and Hong Kong.</p>
<p>For the most part, European markets were trading higher. Tuesday’s US market close showed notable increases.</p>
<p>According to exchange statistics, foreign institutional investors (FIIs) purchased stocks on Tuesday worth Rs 73.12 crore.</p>
<p>Benchmark Brent crude for global oil prices increased by 1.09 percent to USD 82.81 per barrel.</p>
<p>According to the most recent official statistics, India’s industrial output growth slowed to 3.8% in January, and the country’s retail inflation rate in February, at 5.9%, stayed inside the Reserve Bank’s comfort zone for the sixth consecutive month.</p>
<p>The BSE benchmark closed Tuesday at 73,667.96, up 165.32 points, or 0.22 percent. The Nifty finished unchanged at 22,335.70, up 0.01 percent, or 3.05 points.</p>


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