SENSEX crashes over 900 points, NIFTY50 slips below 22,000: Know key factors behind today’s market fall
Upstox
2 min read • Updated: March 13, 2024, 7:02 PM
Summary
At close, the SENSEX was down 906 points, or 1.23%, at 72,761, while the broader NIFTY50 dropped 338 points, or 1.51%, to 21,997. Among the NIFTY50 constituents, 43 stocks closed with moderate to heavy losses. The top losers included Power Grid, Coal India, Adani Enterprises, NTPC, Adani Ports, Tata Steel and ONGC.
Domestic benchmark indices—SENSEX and NIFTY50—crashed 906 points and 338 points, respectively, on Wednesday, amid the meltdown in the broader market.
At close, the BSE SENSEX was down 906 points, or 1.23%, at 72,761, while the NIFTY50 dropped 338 points, or 1.51%, to 21,997. The stock market crash wiped out investor wealth worth around ₹14 lakh crore, with the mid and smallcap indices plunging by up to 5%.
Among the SENSEX constituents, 25 shares closed with moderate to heavy losses. The top losers included Power Grid, NTPC, Tata Steel, Tata Motors and JSW Steel, which plunged up to 7.28%.
Among the NIFTY50 stocks, Power Grid, Coal India, Adani Enterprises, NTPC, Adani Ports, Tata Steel and ONGC were top losers, shedding up to 7%. As many as 43 NIFTY50 constituents closed in the red zone.
On the sectoral front, except for the FMCG index that ended with modest gains, all other sectoral indices closed with losses. The NIFTY Metal was among the top sectoral losers.
Midcap and smallcap stocks continue to bleed
Broader indices NIFTY Smallcap 100 and NIFTY Midcap 100 crashed 5.28% and 4.40%, respectively, on Wednesday.
As many as 99 stocks of the NIFTY Midcap 100 suffered losses. CG Power was the only stock on the index that saw gains. in the NIFTY Smallcap 100, 98 stocks ended lower. Intellect Design Arena and CreditAccess Grameen closed with gains.
Market regulator SEBI has been scrutinising inflows into mid and smallcap stocks amid a major uptrend in this segment over the past few years. Recently, SEBI Chairperson Madhabi Puri Buch said that there are pockets of froth in the market.
Sell-off in heavyweights drag down indices
Profit booking in large caps was also one of the major reasons behind the market crash. Sell-off in Reliance Industries (-2.9%) and L&T (-2.2%), which are among the highest weighted stocks of the NIFTY50, dragged the benchmark indices.