Dalal Street Bleeds: Rs 7 Lakh Crore Wiped Out as Sensex Crashes 900 Points

Mumbai, India: The stock market witnessed a massive sell-off on Friday, erasing Rs 7 lakh crore in investor wealth as the Sensex plunged 929 points to 73,683, while the Nifty slipped 273 points to 22,271. The sharp decline reflected weak investor sentiment, reversing gains from the last two sessions.

Market Crash in Numbers:

• Top Losers: IndusInd Bank, M&M, Tech Mahindra, HCL Tech, Infosys, and Tata Steel fell up to 5.51%. HDFC Bank was the sole gainer, rising 0.24%.

• 52-Week Lows: 551 stocks hit their 52-week lows, while only 16 stocks touched new highs.

• Market Breadth: Out of 3,136 stocks traded, 2,478 stocks were in the red, 539 stocks gained, and 119 remained unchanged.

• Lower Circuits: 152 stocks hit their lower circuit, while 39 stocks reached their upper circuit despite weak market sentiment.

Sector-Wise Impact:

The BSE Midcap Index plunged 933 points to 38,512, while the BSE Smallcap Index tumbled 1,000 points to 43,106, indicating broader market weakness.

Expert Take:

V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, expects a March recovery, citing better macroeconomic trends and subdued FII selling. He advises long-term investors to accumulate fairly valued large-cap and defense stocks amid the market downturn.

FIIs & DIIs Activity:

• Foreign Institutional Investors (FIIs) sold Rs 556.56 crore worth of equities on Thursday.

• Domestic Institutional Investors (DIIs) bought Rs 1,727 crore of shares, supporting the market.

With global uncertainties and weak investor confidence, market volatility remains high, but experts suggest selective buying in quality stocks for long-term gains.