Wednesday, February 21, 2024

Stock Market Crash: Rs 2.50 lakh crore wiped out from investors, why Sensex fell by 1300 points

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Why Stock Market Crash Today: There has been a break in the stock market rally since 2 days. Today i.e. on 17th January, heavy selling is being seen in the market. Sensex in today’s trading intraday (Sensex, Broke more than 1300 points. While Nifty also came below 21650. The biggest reason for today’s decline is profit booking in bank shares. There is a huge fall in Nifty Bank and Nifty Financial indexes in trading. At the same time, global signals have also been weak for the market. At present, due to this market decline, investors have suffered a loss of Rs 2.50 lakh crore.

selling in bank shares

Nifty Bank index has fallen by 3.25 percent in trading today. This decline in marks is 1565 marks. There is a decline of 7 percent in HDFC Bank and 3 percent in Kotak Mahindra Bank. There is a decline of 2.5 percent in ICICI Bank and 2 percent in Axis Bank. Federal Bank’s share has weakened by 2 percent and SBI’s share has weakened by 1 percent.

Financial index also broke

Nifty Financial Index has weakened by 3.45 percent or 731.65 points. HDFC AMC and Bajaj Finserv have weakened by 2 percent and 2 percent. A weakness of 1 percent is also seen in Shriram Finance and SBI Card. Most of the stocks in the index are seen in red.

Rs 2.5 lakh crore cleared from investors

Investors lost Rs 2.50 lakh crore in this market sell-off (Investors Wealth) went. When the market closed on January 16, the market cap of BSE listed companies closed at Rs 3,74,95,260.82 crore. Whereas in today’s fall it came down to Rs 3,72,66,634.76 crore. That means there has been a decrease of Rs 2.50 lakh crore in 1 day. Whereas on January 15, it closed at Rs 3,76,09,510.01 crore. That means investors have suffered a loss of more than Rs 3.50 lakh crore in 2 days.

21650-21500 demand zone for nifty

Santosh Meena, Research Head, Swastika Investmart, says that PSU banks are performing better in the weak market because they have the facility of valuation as well as the bullish environment in the PSU sector. Earnings of most PSU banks are likely to be good. He believes that the outperformance of PSU banks is likely to continue, with Bank of India the top pick among small PSU banks and SBI the top pick among large-caps. If we talk about the overall market then 21650-21500 is a demand zone for Nifty. As long as buying on dips continues, staying below 21500, we can expect short term weakness towards 21000-20800 zone.

The decline in Bank Nifty may increase

Talking about Bank Nifty, 46500–46250 is the demand zone from where bounceback is expected. But if it goes below 47250, there are chances of weakness increasing. On the upside there is 47500–48,000 resistance zone.

Dow Jones closed down by 232 points

American markets closed weak on Tuesday. On Tuesday, there was a weakness of 232 points in Dow Jones Industrial and it closed at the level of 37,361.12. NASDAQ Composite fell by 28 points and closed at the level of 14,944.35. While the S&P 500 index fell 18 points and closed at the level of 4,765.98.

Selling in Asian markets

Selling is visible in major Asian markets in today’s trading. Talking about Asia, there is a big fall of 1.33 percent in GIFT NIFTY while there is a gain of 0.53 percent in Nikkei 225. There is a weakness of 0.67 percent in Strait Times and 2.87 percent weakness in Hang Seng. There is a decline of 0.58 percent in Taiwan Weighted and 2.11 percent decline in Kospi. There is a decline of 0.82 percent in Shanghai Composite.

 

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