New Delhi: Thestock market Sensex fell 555 points on Wednesday (October 6) amid heavy selling in global markets, buoyant crude oil prices and fears of rising inflation due to supply chain bottlenecks.Due to this, investors' capital of Rs 2,57,785.17 crore was sunk in one day.The BSE 30-share Sensex fell 555.15 points (0.93 per cent) to 59,189.73 points.Due to this, Sensex had seen a rise in the last two trading sessions.
There was a time during trading in the day when the Sensex had come down to 59,079.86 points with a loss of 665.02 points.This reduced the market capitalization of BSE-listed companies by Rs 2,57,785.17 crore to Rs 2,62,20,547.05 crore.Siddharth Khemka, Head of Retail Research, Motilal Oswal Financial Services said, "Indian markets opened with a positive trend, but later closed with losses due to a weak global trend."
Nifty falls below 17,700 mark on sell-off
It is feared that inflation will increase due to the rise in crude oil prices and supply chain bottlenecks.Because of this, global revitalization could be affected.That's why the stock market panicked.The Nifty of the National Stock Exchange also closed at 17,646 points, down 176.30 points (0.99 percent).
The shares of these companies suffered the most
Among the Sensex companies, IndusInd Bank's stock fell the most by 3.38 percent.Shares of Tata Steel, Bajaj Auto, Sun Pharma, HCL Tech, Reliance Industries and Titan also declined.On the other hand, HDFC Bank, HDFC and Bajaj Finance rose up to 1.24 percent.
Vinod Nair, Head of Research, Geojit Financial Services said, “Weak global trend led to profit-booking in metal and IT stocks.Due to this the market closed in loss after losing the initial profit.
He said the rise in crude oil prices is affecting the Indian market, while inflation has affected bond yields in the US.Apart from this, the bi-monthly monetary review meeting of the Reserve Bank of India also started on Wednesday.It is believed that the central bank will not change the interest rates.
Condition of Asian markets
In Asian markets, Hong Kong's Hang Seng, South Korea's Kospi and Japan's Nikkei declined.China's Shanghai Composite had a holiday.European markets were at a loss in afternoon trading.Meanwhile, international benchmark Brent crude oil rose 1.14 percent to $ 82.19 per barrel.The rupee fell by 54 paise to 74.98 per dollar in the interbank foreign exchange market.
Meanwhile, foreign institutional investors sold shares worth a net Rs 1,915.08 crore on Tuesday, according to provisional data from stock exchanges.On the macroeconomic front, Moody's on Tuesday stabilized India's credit outlook from negative to negative.However, Moody's Investor Service has maintained India's sovereign rating at 'Baa3'.