Investors suffered heavy losses as the stock market took a sharp nosedive on Wednesday, March 13, 2024.
The Sensex fell by 1109 points to 72,558 during the afternoon session, with a noticeable sell-off hitting the mid-cap and small cap segments.
Nifty was also affected due to the tanking of the market, slipping by 422 points to 21,913, erasing gains made earlier in the day and highlighting a prevailing pessimism among investors on Dalal Street.
Investors incurred massive losses, amounting to a staggering Rs 14 lakh crore. The total investor wealth shrunk to Rs 371.69 lakh crore from the previous session’s valuation of Rs 385.64 lakh crore.
Stocks such as PowerGrid, NTPC, Tata Steel, Bharti Airtel, Titan Company, and Tata Motors were among the leading contributors to the losses witnessed on the Sensex.
A total of 223 stocks hit their 52-week lows, underscoring the widespread negative sentiment prevailing in the market and only 89 shares managed to reach their 52-week highs on the BSE.
Market breadth remained predominantly in the red, with only 351 out of 3,926 stocks trading in the green. A vast majority of 3,526 stocks were trading in the red zone, while 66 stocks remained unchanged.
All 19 sectoral indices on the BSE experienced losses, with sectors such as oil and gas, metals, consumer durables, and capital goods being the hardest hit.
Indices such as BSE oil and gas, metals, consumer durables, and capital goods witnessed substantial declines, signaling a broad-based market downturn. The BSE auto index also slipped significantly, recording a decline of 1108 points to reach 46,839.
Amid the market slump, 1013 tocks hit their lower circuits. However, 125 shares managed to defy this trend and hit their upper circuit limits on the BSE.
The midcap and smallcap indices suffered notable declines, with the BSE midcap index dropping by 1602 points to 37,635, and the smallcap index slipping by 2079 points to reach 40,752, signalling weakness in the broader market sentiment.
In terms of FII-DII data, foreign institutional investors bought equities worth Rs 73.12 crore on a net basis on Tuesday, while domestic investors purchased shares amounting to Rs 2358.18 crore, according to provisional NSE data smallcap index slipping by 2079 points to reach 40,752, signalling weakness in the broader market sentiment.
In terms of FII-DII data, foreign institutional investors bought equities worth Rs 73.12 crore on a net basis on Tuesday, while domestic investors purchased shares amounting to Rs 2358.18 crore, according to provisional NSE data.