2 hrs ago
Indian Markets Lose Nearly Rs 5 Lakh Crore After Sell-Off
India's stock market fell sharply on Monday morning.
The Sensex lost more than 900 points in about an hour.
The Nifty 50 also fell below 23,000.
The total value of many large companies dropped by about Rs 4.9 lakh crore.
Oil prices rose above $100 per barrel, which can make imports more expensive for India.
US bond yields also increased, making some investors prefer safer investments.
Foreign investors continued selling Indian shares.
Bank and financial-company stocks fell especially hard.
These concerns combined with global uncertainty to make investors more cautious.
The Sensex fell more than 900 points within an hour of Monday's open, while the Nifty 50 dropped below 23,000.
The combined market value of BSE Sensex companies declined by about Rs 4.9 lakh crore by 10:15 am.
Brent crude remained above $100 a barrel amid tensions involving the United States and Iran.
Higher US bond yields and continued foreign investor selling added pressure to Indian equities.
Banking and financial stocks were among the biggest early losers after both benchmarks recorded their seventh consecutive weekly decline.
- Who
- Indian equity investors, foreign investors, banks and financial companies, and major benchmark-listed companies.
- What
- The Sensex and Nifty 50 suffered a sharp sell-off, erasing about Rs 4.9 lakh crore in market value by 10:15 am.
- Where
- The Indian stock market.
- When
- Monday morning, after the benchmarks had recorded seven consecutive weekly declines.
- Why
- Rising crude oil prices, higher US bond yields, continued foreign selling, losses in banking stocks, and broader global uncertainty pressured markets.
Key facts
- Sensex move
- The index fell more than 900 points within an hour of the open.
- Nifty 50 level
- The index slipped below 23,000.
- Market-value loss
- BSE Sensex companies lost around Rs 4.9 lakh crore by 10:15 am.
- Crude oil
- Brent crude remained above $100 a barrel.
- Previous closing levels
- The Sensex closed Friday at 73,896, while the Nifty ended at 23,140.50.
- Weekly performance
- Both benchmarks had posted their seventh consecutive weekly decline.
- Worst-hit sectors
- Banking and financial stocks were among the biggest losers in early trading.
Quotes
Abhishek Bhilwaria
Partner at BhilwariaFinserv, quoted by NDTV
“Expensive oil can push up India's import bill and inflation while putting pressure on the rupee. It can also squeeze the margins of companies that depend heavily on fuel and transportation. Markets have therefore been closely tracking every move in crude prices.”
NDTV
“The continued foreign outflows have been one of the factors keeping sentiment weak even when domestic liquidity has provided some support.”
NDTV
Sources
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