BSE market capitalization wipes out ₹7.12 lakh crore!

The two-day winning streak in the indices came to a halt as investors booked profits ahead of the US Federal Reserve’s interest rate decision. Selling by foreign investors also weighed on the market. The rupee weakened by 10 paise against the US dollar and settled at 90.05. Brent crude oil fell 0.61 percent and traded at $63.37 per barrel. Among Asian markets, South Korea, Shanghai and Japan indices gained, while the Hang Seng index declined. European markets traded mixed.

The market capitalization of BSE-listed companies dropped by ₹7.12 lakh crore, falling to ₹464.19 lakh crore ($5.15 trillion). The Sensex opened weak at 85,624.84 points (previous close: 85,712.37). It later touched a high of 85,722.97 points, but heavy selling pressure dragged it to an intraday low of 84,875.59 points. Finally, it ended with a loss of 609.68 points at 85,102.69. The Nifty 50 also fell by 225.90 points to settle at 25,960.55, after moving between 26,178.70 and 25,892.25 intraday.

Out of the 30 Sensex stocks, 26 ended in losses. BEL fell 4.97%, Eicher Motors 2.45%, Trent 2.35%, Tata Steel 2.18%, Bajaj Finance 2.12%, Adani Ports 1.94%, Bajaj Finserv 1.77%, Power Grid 1.69%, SBI 1.58%, M&M (TMPV) 1.53%, Asian Paints 1.39%, Titan 1.29%, NTPC 1.22%, Kotak Bank 1.07%, HUL 1.05%, L&T 1.05% and Bharti Airtel 1.03%. Tech Mahindra gained 1.40% and HCL Tech 0.31%. Sector-wise, services, real estate, capital goods, telecom, industrials, utilities, metals, and power indices declined. On the BSE, 843 stocks closed higher, 3,460 ended lower, and 182 stocks remained unchanged.