Market Meltdown: Nifty and Sensex Plunge on Global Sell-Off

Market Meltdown: Nifty and Sensex Plunge on Global Sell-Off

VoM News Desk | January 23, 2024 | 04:08 PM IST | Breaking News | Follow on Google News

Market Meltdown: Nifty and Sensex Plunge on Global Sell-Off /PTI

Market Meltdown: Nifty and Sensex Plunge on Global Sell-Off

Amidst a pervasive sell-off triggered by weak global cues, the Nifty 50 and the Sensex experienced significant losses in today’s trading session.

The market sentiment, already fragile due to lackluster December quarter earnings, further weakened as investors grappled with geopolitical tensions and economic uncertainties in major global economies.

Despite an initial surge, both indices witnessed a sharp decline, with the Nifty closing 333 points down at 21,238.80, and the Sensex plummeting 1,053 points to end at 70,370.55.

Heavyweights such as HDFC Bank, Reliance Industries, SBI, and Larsen & Toubro emerged as the top drags, contributing to the broad-based selloff.

The midcap and smallcap segments faced even deeper losses, with the BSE Midcap and Smallcap indices witnessing nearly 3% declines.

The overall market capitalization of BSE-listed firms tumbled from nearly ₹374.4 lakh crore to approximately ₹366 lakh crore, resulting in investors losing about ₹8.4 lakh crore in a single session.

As of today’s close, the Sensex has fallen 3%, while the Nifty 50 has declined over 2% in January.

Despite the overall market downturn, the BSE Midcap index is up approximately 1%, and the Smallcap index has gained about 2% in January so far.

VoM News Desk

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