Stock Markets End Sharply Lower, Erasing Nearly ₹5 Lakh Crore in Investor Wealth

Indian equity benchmarks ended the session with significant losses amid weak global cues, rising crude oil prices and selling pressure in private banking stocks. The Sensex fell more than 1,000 points at one stage, while the Nifty slipped below the 22,900 mark. At the close, the Sensex was down 876.37 points at 73,852.90, while the Nifty declined 257.20 points to 22,888.95. The market downturn reportedly eroded investors’ wealth by nearly ₹5 lakh crore, bringing it to around ₹467 lakh crore. The rupee was quoted at ₹94.92 against the US dollar.

Disappointing quarterly results from major private-sector banks, rising crude prices and continued selling by foreign institutional investors weighed on sentiment. Axis Bank shares reportedly fell nearly 5%, while HDFC Bank declined around 2%. Investors also booked profits after the market gained more than 2% over the previous two trading sessions. Most Sensex constituents ended lower, with SBI, Adani Ports, L&T, IndiGo and Maruti Suzuki among the exceptions. Brent crude traded around $108 a barrel, while gold was quoted at $4,167 an ounce. Losses in US and Asian markets added to the negative sentiment.