The stock market started off slowly compared to yesterday’s close, but after some time, Nifty Bank’s decline accelerated and soon Nifty Bank was down 1,100 points. Meanwhile, the Sensex fell nearly 700 points to 79,356.47, while the Nifty50 fell 245 points to 24,154.40.
Of the 2,659 stocks on the NSE, only 246 rose while the remaining 2,343 stocks fell sharply. 70 stocks were unchanged and 18 stocks were trading at 52-week highs. 193 stocks hit 52-week lows. There are 198 shares in the lower ring and 33 shares in the upper ring.
The stock fell 18%
Only 11 of the top 30 stocks on the BSE Sensex posted slight gains, with ITC stock rising the most, rising 3.68 per cent. All other stocks rose less than 1%. Among them, 19 stocks fell sharply, with the largest decline being Industrial Bank shares. IndusInd Bank shares were trading at Rs 1,048 per share, down 18%.
These 10 stocks have fallen sharply
- IndusInd Bank shares were trading at Rs 1,048 per share, down 18%.
- Among heavyweights, Mahindra & Mahindra was trading at Rs 2,688, down about 5%.
- Stocks such as Adani Port, NTPC, L&T fell over 3%.
- Dixon Technology shares were trading at Rs 13,600, down 10%.
- AU Small Finance shares fell 6% to Rs 610.
- Shares of Mangalore Refinery also fell 6% to Rs 170.90.
- BHEL shares were also trading at Rs 213, down 6%.
- Tata Trent shares fell 5.38% to Rs 7,087.
Why did the stock market fall today?
The main reason for today’s stock market decline is the company’s poor quarterly results. Yesterday, Industrial Bank’s profits fell by 40%, causing its share price to fall sharply today. The second important reason is that foreign investors have withdrawn Rs 100 crore from the Indian market so far this month, leading to sell-off dominance. The third reason is that seeing the stock market under pressure, retail investors and large investors have sold their stocks, causing heavyweight stocks such as Mahindra & Mahindra and L&T to fall.
(Note – Always seek help from a financial advisor before investing in any stock.)
