Introduction
Sensex ended the day down 260 points, or 0.41 percent, at 62,979.37, while Nifty lost 106 points, or 0.56 percent, to end the day at 18,665.50. BSE midcap decreased by around 3 lakh crore in a single day.
Domestic equities suffered
As investors remained worried about sticky inflation, rate rises, and their influence on global economic development, domestic stocks experienced large losses on Friday (June 23) amid poor global indications.
When the Sensex closed, major European markets and US stock futures were in the red. Japan’s Nikkei and China’s Shanghai Composite Index both saw declines of more than 1% among their Asian counterparts.
In recent days, many central banks have increased interest rates, showing that the fight against inflation is still ongoing. Jerome Powell, the chair of the US Federal Reserve, said on Wednesday that more rate rises are still planned for this year despite a break in the cycle in June.
Following negative global signals, the Sensex plummeted 365 points to reach its intraday low of 62,874.12 after opening 115 points down at 63,124.28.
The 30-share pack ended the day at 62,979.37, down 260 points, or 0.4%, with 23 equities trading in the red and just seven in the black. The Nifty50 lost 106 points, or 0.56 percent, to conclude the day at 18,665.50.
Reliance Industries, Infosys, Larsen & Toubro, SBI, TCS, and ITC shares ended up being the biggest drags on the Sensex stock market index.
Mid- and small-cap stocks did worse than the benchmarks. The BSE Smallcap index decreased 1.17 percent, while the BSE Midcap index finished 1.24 percent down.
Investors suffered a loss of 2.8 lakh crore in a single session as the total market capitalization (mcap) of the companies listed on the BSE fell to 289.5 lakh crore from 292.3 lakh crore in the previous session.
On the BSE, over 130 equities had weaker circuits, including Reliance Home Finance, Mahalaxmi Rubtech, Eros International Media, Sigma Solve, and KBC Global.
Top gainers and losers on the Nifty
In the Nifty index, up to 40 equities finished in the red while the remaining 10 finished with gains.
The top three decliners in the Nifty index were BPCL (down 3.45%), Adani Ports (down 4.44%), and Adani Enterprises (down 7.02%).
However, the biggest gainers in the Nifty pack ended up being Asian Paints (up 1.51%), Dr. Reddy’s Labs (up 1.91%), and IndusInd Bank (up 2.88%).
Area-based indices
All sectoral indexes except for Nifty Pharma, which finished with a nominal gain of 0.15 percent and the Nifty Healthcare index, which finished flat, were in the red, with Nifty Metal (down 2.48 percent) and Nifty Media (down 2.13 percent) experiencing particularly steep declines.
The Nifty Consumer Durables, Oil & Gas, PSU Bank, and Auto sectors all finished more than 1% down. The Nifty Consumer Durables fell 1.68 percent, 1.51 percent, 1.18 percent, and 1.03 percent, respectively.
FAQs:
Q: How much value did investors lose in a single day?
A: Investors lost approximately 3 Lakh Crore in just one day due to the decline in the Sensex and Nifty.
Q: What are the major indices in the Indian stock market?
A: The major indices in the Indian stock market are the Sensex (BSE) and the Nifty (NSE).
Q: What are the factors contributing to the market decline?
A: The factors contributing to the market decline include global market turmoil, rising crude oil prices, and liquidity concerns.
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