Crush the Shares! 21 lakh crores sunk in 8 days; Heavy loss of TCS, Reliance, Adani, HDFC companies
Mumbai: The stock market has declined since last week following a sharp hike in interest rates by the RBI. There has been volatility in the stock market since Wednesday morning. 21 lakh crore loss to many companies in 8 days; Huh. TCS, Reliance, Adani, HDFC shares fall sharply I .
On Wednesday, the BSE benchmark Sensex closed 276.46 points lower at 54,88.39, while the National Stock Exchange’s index Nifty closed 72.95 points lower at 16,167.10. The stock market has been declining since last one week.
The Sensex opened with a fall of 75.91 points in the opening session on Wednesday, while the Nifty opened at 16,230. The Sensex had slipped up to 700 points in the afternoon session. However, Savart closed with a fall of 276 points at the end of the day. The stock market has remained volatile for the last eight days. The stock market also closed with a fall on Tuesday with a red mark.
Selling across sectors barring FMCG and banks was driven by overall global cues. Finally, the Sensex closed at 54,364.85, down 105.82 points or 0.19 per cent. On the other hand, Nifty closed at 16,240.05, down 61.80 points or 0.38 percent.
Global markets seem to be getting relief after the US Fed announced a 0.50 percent hike in interest rates. However, since the last days of the last week, there is a decline in the stock market.
21 lakh crores sunk in 8 days
Since the beginning of April, the trend of decline in the domestic stock market has intensified. The market capitalization of companies declined by Rs 21 lakh crore in just 8 trading days from April 28 to May 10. Meanwhile, the Sensex lost 3,157 points. The total market capitalization of listed companies as on April 28, 2022 was Rs 269.47 lakh crore, which declined to Rs 248.32 lakh crore as on May 10. Meanwhile, the Bombay Stock Exchange (BSE) Sensex fell 57,521 points to end at 54,364. During this period, investors of Adani Group and Reliance Industries suffered the most. Shares of Adani Wilmar, which had earlier enriched its investors, fell for the fifth consecutive day.