The market had rallied just a week before the budget. The third trading session of the week was very bad for the investors of the Indian stock market. With a slow start, the market started falling as the day progressed. At the end of the day, Indian stock markets closed with losses. The Sensex closed at 60,205 on the Bombay Stock Exchange (BSE), down 773 points. While the Nifty fell 206 points to close at 17911 in the National Stock Exchange (NSE).
The market collapsed in the first two hours itself. At 11.30 am, the Sensex closed down 869 points at 60109 and the Nifty closed down 254.70 points at 178630. The process of selling continued in the stock market and the pressure increased so much that the market crashed. There was a huge decline in the shares of public sector banks. It broke down roughly over three percent. So the shares of Adani Group crashed.
Tsunami in Adani shares
During the trading session of the day, there was a rise in the shares of Adani Group. At one time the share of Adani Ports fell by 6.59 per cent, Adani Enterprises Ltd. by 2.93 per cent, Adani Wilmar Ltd. by 4.37 per cent, Ambuja Cement Ltd. by 7.21 per cent.
Heavy fall in banking stocks
The effect of the tsunami in the stock market was also seen on banking stocks and stocks ranging from State Bank of India to HDFC Bank declined. Bank of Baroda’s share declined by 5.73 per cent. Similarly, Bank of India’s share reached 5.54 per cent, Canara Bank’s share reached 4.98 per cent.
Not only Adani Group but also Tata Motors, Mahindra & Mahindra, Reliance Industries, Indus Towers saw a decline in their shares.