🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Investors lose Rs 30 lakh crore in single day in biggest market fall in 4 years

Published 04-06-2024, 09:26 pm
© Reuters.  Investors lose Rs 30 lakh crore in single day in biggest market fall
 in 4 years
IND50
-
NSEBANK
-
BRIT
-
COAL
-
DIVI
-
HROM
-
HLL
-
ONGC
-
SBI
-
NEST
-
BSESN
-

Mumbai, June 4 (IANS) Jitters of counting day led the Indian indices to experience their biggest fall in the last four years on Tuesday with the investors losing nearly Rs 30 lakh crore in a single season.As the counting for the Lok Sabha polls entered the final phase, Sensex closed 4,389 points down, or 5.74 per cent, at 72,079, while Nifty shed 1,379 points, or 5.93 per cent, to close at 21,884 on Tuesday.

Nifty Bank suffered a loss of over 4,051 points, or 7.95 per cent, to close at 46,928.

Hindustan Unilever (NS:HLL) Limited (HUL), Hero MotoCorp (NS:HROM), Britannia (NS:BRIT), Nestle (NS:NEST), and Divis Labs were among the top gainers on Nifty, while ONGC (NS:ONGC), Coal India (NS:COAL), and SBI (NS:SBI) suffered the most.

Except for FMCG stocks which outperformed on a poor day for investors, all other sectoral indices traded in deep red, with realty, telecom, metal, oil & gas, power, and PSU bank down more than 10 per cent each.

The BSE midcap and smallcap indices were down 7-8 per cent.

Experts said that the market, which had begun to price in a landslide victory for the NDA, witnessed a significant correction due to margin calls, as the retail investors were carrying heavily leveraged positions.

“Immediate support is visible at the psychological level of 22,000, below which the index might fall further towards 21,400-21,500. Recovery looks possible once the trend moves in favour of the BJP winning the elections comfortably,” said Rupak De, senior technical analyst at LKP Securities.

The unexpected outcome of the general elections sparked a wave of fear selling in the domestic market, reversing the recent substantial rally.

According to experts, despite this, the market maintains its expectation of stability within the coalition led by the BJP as the major election winner, thereby mitigating a substantial downside in the medium term.

--IANS

na/arm

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.