India stock market bloodbath wipes off billions of investors’ wealth

Mumbai: The Bombay Stock Exchange (BSE) benchmark Sensex’s 1,628 point crash wiped out Rs 4.59 lakh crore from investors’ wealth in a single day. It was the biggest single-day plunge for both the Sensex and NSE index Nifty in 19 months. While the Sensex tanked by 1,628 points to end the day at 71,500.76, Nifty nosedived 460.35 points or 2.09 per cent to settle at 21,571.95.

The shares at NSE witnessed the biggest single-day loss since June 13, 2022. Sensex-listed HDFC Bank saw its shares tank by over eight per cent, day after the company reported a net profit of ₹16,372 crore in its Q3 results.

“Domestic equities plunged amid a weak environment globally and a selloff in HDFC Bank. Banking sector took the biggest hit as Q3 results of HDFC Bank showed stagnant growth for the company. Hawkish Fed commentary, escalating tension in the Middle East, and a spike in bond yield dented investor sentiment,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

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