The stock market crashed as soon as it opened, Sensex fell 800 points and Nifty 250 points
Suspense Crime, Digital Desk : Stock Market Crash: The stock market has crashed right after opening! Sensex and Nifty fell by 800 and 250 points respectively. The stock market witnessed heavy selling at opening hours of trading on Monday. The Sensex went down by over 800 points while Nifty slumped to around 23,100.
The week opened with a shocking start for the stock market investors. Following weak global cues and uncertainties in the international markets, Indian stock market witnessed a steep fall at opening hours on Monday. Investors faced intense selling pressure at opening and as a result Sensex went down by over 800 points and Nifty by 23,100. Falls in IT, metals, auto and financial shares have further worried investors.
In the opening morning trading session, the Sensex fell by 803 points to 73,440, while the Nifty lost 264 points to trade at 23,102. The market breadth was also poor with only 107 advances and 310 declines. The Nifty 50 heatmap suggests that most of the leading shares were in the red, with only a few seeing buying interest.
These large caps dragged the market down:
The major reason behind the decline were the metal, IT and financial sector shares. Wipro shares declined by nearly 4.5%. Other shares witnessing heavy selling included Mahindra & Mahindra, Indigo, Tata Steel, Hindalco, TCS, Infosys, HCL Tech, Bajaj Finance. The major losers on the Nifty were Hindalco, Tata Motors Passenger Vehicles, InterGlobe Aviation (Indigo), Bajaj Finance, Shriram Finance.
So what caused such a drastic fall in the market?
Experts suggest that weak signals from the international market were a major contributor to the fall. Rising crude oil prices, intensifying geopolitical tensions in the Middle East, and uncertainties in the global market made the investors nervous and risk averse, with foreign institutional investors pulling money from the market.
Keep an eye on these stocks:
EMS gets a new order worth around ₹102.8 crore from UP Jal Nigam.
Alembic Pharma to acquire a 45 per cent stake in new company in Canada.
Zee Entertainment's fund raising proposal will be considered on June 10.
Hindustan Zinc signs agreement with TERI for 250-hectare ecological restoration project in Rajasthan.
A significant management change took place at Allied Blenders & Distillers.
