On Wednesday, the Sensex dropped over 800 points, or 1%, to the day's low of 72,300, while Nifty gave up its hold over the 22,000 barrier. The market capitalization of all BSE-listed equities dropped to Rs 386 lakh crore throughout the process, leaving investors on Dalal Street roughly Rs 6 lakh crore poorer.
Stock Market Dips Amid Economic Concerns
According to Swastika Investmart Ltd.’s Senior Technical Analyst Pravesh Gour, “The movement of the stock market is complex and vulnerable to several influences.” Market corrections are frequent. Long-term investors can view this as a chance to make a purchase. The Nifty Midcap index is down more than 1,000 points, and 90 equities are trading lower. Due to investors taking profits after significant gains, there may be momentary selling pressure. The selling off of substantial volumes of Indian stocks by foreign institutional investors (FIIs) may have contributed to the market’s collapse. A number of economic indices, including the US GDP, PCE price index, and manufacturing PMI statistics, also caused the market to get uneasy. One such explanation might be that the US government will only partially shut down on March 1st without a spending bill.”
Front-line Companies Experience Significant Losses
Power Grid, Maruti, and Asian Paints were the worst losers among the front-line companies, falling more than 2 percent apiece. The other big losers were Reliance, Tata Steel, Indusind Bank, and Mahindra & Mahindra.
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