Financials send Sensex crashing down by 550 points; investors lose Rs 2.42 lakh crore
Sensex on Wednesday plunged 550 points. Besides HDFC Bank, the downfall in Bajaj twins and RIL also contributed to the fall.
Nagging concerns about elevated oil prices and US interest rates as well as the Middle East conflict weighed on sentiments.
The 30-share BSE benchmark Sensex declined or 0.83% to end at 65,877. The broader NSE Nifty dropped 0.7% to settle at 19,671.
High-weightage financials lost 1.3%.
Bajaj Finance shed as much as 2.85% and was the top Nifty50 loser. Bajaj Finserv also declined over 2%.
Nifty Bank also fell 1.2%.
Axis Bank, HDFC Bank, ICICI Bank, IndusInd Bank and Kotak Bank plunged 1-1.5%.
Meanwhile, Nifty Auto stocks ended higher. Tata Motors rose 1.9%, while Maruti and M&M closed 0.3% higher. The more domestically focussed smallcap and midcap fell 0.9% and 0.34%, respectively.
The market capitalisation of all listed companies on BSE declined by Rs 2.42 lakh crore to Rs 321.40 lakh crore.
The market breadth was skewed in the favour of the bears. About 2,262 stocks declined, 1,439 gained, and 142 remained unchanged on the BSE.
Among individual stocks, Zensar Technologies declined 6% after Q2 results disappointed Street. The IT service company’s revenue grew a modest 0.5% YoY and 1.1% QoQ to Rs 1,240 crore.
