Indian equity benchmarks experienced a dramatic decline in Thursday's trading session, with the BSE Sensex plummeting over 1,800 points and the NSE Nifty slipping below the 25,250 mark.
By 2:12 PM, the BSE Sensex was down 1,814 points, or 2.15%, at 82,452, while the NSE Nifty fell by 558 points, or 2.16%, to 25,238. This steep drop resulted in a staggering loss of approximately Rs 10 lakh crore in BSE market capitalization.
The decline was triggered by a spike in crude oil prices following Iran's missile attack on Israel and the tightening of F&O regulations by Sebi, significantly dampening retail investor sentiment. Analysts from Kotak Institutional Equities noted that the market had been operating at inflated levels, making a correction increasingly likely.
Loss in Investor Wealth: Approximately Rs 10.04 lakh crore wiped off, with BSE market cap falling to Rs 464.82 lakh crore from Rs 474.86 lakh crore.
Impact on Major Stocks: Frontline companies like Reliance Industries, HDFC Bank, ICICI Bank, Larsen & Toubro, Axis Bank, Kotak Mahindra Bank, and Tata Motors contributed significantly to the downturn.
52-Week Lows: A total of 65 stocks reached their 52-week lows today, including notable names like Equitas Small Finance Bank, RBL Bank, and Ujjivan Small Finance Bank, while 221 stocks hit their one-year highs.
This widespread market correction underscores the volatility currently affecting investor confidence in the Indian equity landscape.