Dussehra pick: Sumeet Bagadia suggests buying HDFC Life stock for festive season. Here's why

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Also Read: Nifty Smallcap index drops over 2% to 2-week low; NBCC, IRB lead the sell-off today Sensex closed at its lowest level in four months after breaching through 65,000. The Nifty 50 and the midcap index close at their lowest points in almost two months. The Nifty midcap 100 closed 2.88% lower, and the Nifty smallcap index lost 3.80%.

The overall market capitalisation of the BSE-listed firms dropped to nearly ₹316 lakh crore from ₹324 lakh crore in the previous session, making investors poorer by about ₹7.5 lakh crore in a day. According to Vinod Nair, Head of Research at Geojit Financial Services, despite the healthy performance of private banks and marginal reductions in oil prices, investor confidence remained pessimistic, and a widespread consolidation persisted in the domestic markets. Also Read: Market Close: Sensex cracks over 800 points, Nifty 50 ends below 19,300; Top 10 updates to know The global markets echoed the same trend, as the unrest in West Asia has the potential to spiral further.

Increased apprehensions surrounding prolonged elevated interest rates fuelled a continued upward movement in the US 10-year yield. “Amid worries over moderation in growth on account of elevated interest rates and higher energy prices, heightened risk aversion was witnessed in the Indian mid- & small-cap space, banks, metals, and energy stocks. While a period of consolidation in the short term seems certain, the extent of this phase will be shaped by global factors," said Nair.