Stock market crashes more than 1060 pts; Over 7 lakh crore Investors wealth gone

India’s stock market on Thursday witnessed a bloodbath as the BSE sensex crashed over 1062 points to close at 72404 down 1.45 per cent from previous close with investors eroding over Rs 7 lakh crore wealth during the day.

According to estimates available, investors wealth eroded over 7 lakh crore on the BSE. Total erosion of wealth will be more as all figures are still not available.

According to market operators, there is sense of “nervousness” in the market as uncertainty over Lok Sabha elections result continues to take toll on the market.

Even as the voter turnout in the first three phases of elections is tad below the 2019 mark but it has created panic, uncertainty and nervousness in the market. Today it was large cap shares where the investors sold left, right & centre, whereas the mid-cap and small-cap shares were not in the line of fire.

The NSE Nifty was down 345 points and closed below 22,000 level at 21957.

In the 30-share sensex, only five shares ended in green while 25 lost ground. Among those which gained are SBI, Infosys, Tata Motors, HCL Technologies and M&M. While on the NSE Baja Auto and Hero MotoCorp were also among gainers along with BSE-gainers.

According to data available, Foreign Institutional Investors (FIIs) had sold equities worth Rs 6,669 crore yesterday, while the Domestic Institutional Investors (DIIs) had bought equities to the tune of Rs 5,928 crore. FIIs continue to be net sellers since last month except for couple of days.

All indices including Bank, IT and Nifty Midcap among others ended in red today.

The heavy weight shares which led the bloodbath include L&T down more than 6 per cent, HDFC Bank 2.37 per cent, Reliance Industries 1.72 per cent, Airtel more than 1 per cent. The gainers were SBI up by 1.11 per cent, Tata Motors up 1.8 per cent and M&M up 1.38 per cent and Bajaj Auto up 1.11 per cent.