STOCK MARKET TODAY: INVESTORS' MASSIVE LOSS AFTER MARKET MELTDOWN, RS 7.34 LAKH CRORE WASHED AWAY AS SENSEX PLUNGES OVER 1,000 POINTS

Today, Thursday, May 9, 2024, investors faced heavy losses as the stock markets experienced a significant downturn. The BSE Sensex, a key stock market index, plummeted by 1,062.22 points. This marks a decline for the third consecutive day.

BSE, Sensex Closing Today

It closed at 72,404.17 points today, May 9, 2024. This is a drop of 1.45 per cent.

Sensex Today

Throughout the trading session, it reached a low of 72,334.18 points, shedding 1,132.21 points or 1.54 per cent.

Decline In Mcap Of Companies Listed On BSE

The collective value of all companies listed on the BSE, known as market capitalization, witnessed a massive decline. Investors' wealth decreased by Rs 7.34 lakh crore as the market capitalization of BSE-listed companies fell to Rs 3,93,34,896.14 crore (USD 4.71 trillion).

Today Mcap vs All-Time High Mcap

This is a significant drop from the all-time peak market capitalization of Rs 4,08,49,767.90 crore reached on May 2.

"Markets buckled under relentless selling pressure as investors turned risk averse in the ongoing poll season and further lightened their equity exposure to avoid being caught off guard. As the election season is heating up, investors are trimming their equity exposure at a faster pace, which can be seen from the drubbing that mid and small-caps received," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Stock Market Today: Stocks That Fall

In the stock market, Larsen & Toubro shares fell by 6 per cent following their earnings report for the March quarter. Several major companies like Asian Paints, JSW Steel, ITC, Bajaj Finance, IndusInd Bank, Tata Steel, NTPC, Bajaj Finserv, HDFC Bank, Reliance Industries, and Power Grid saw declines in their stock prices.

NSE, BSE Today: Stocks That Gain

However, Tata Motors, Mahindra & Mahindra, State Bank of India, Infosys, and HCL Tech saw gains in their stock prices.

BSE Smallcap And Midcap Index

In the broader market, both the BSE smallcap index and midcap index saw declines, dropping by 2.41 per cent and 2.01 per cent respectively.

Share Market Today: Sectors That Fall Today

Various sectors also experienced losses, including oil and gas (3.41 per cent), capital goods (3.37 per cent), metal (3.13 per cent), industrials (2.92 per cent), utilities (2.59 per cent), and commodities (2.39 per cent).

Stock Market Today: Sector That Emerged As Gainer

On the other hand, the auto sector emerged as a major gainer.

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Foreign Institutional Investors

Foreign Institutional Investors (FIIs) sold off equities worth Rs 6,669.10 crore on Wednesday, according to exchange data.

"The market is continuously witnessing pressure ahead of the election outcome. We don't have any global reason for this correction, while some uncertainty ahead of the big event is causing profit-booking in the market.

"Our market has been largely driven by domestic investors, including both HNIs and institutional investors, for the last few months. Now, they are sitting on the sidelines for the last couple of days and taking some profit off the table ahead of the big event, while FIIs are continuously selling in our market, which is pushing the market lower," Santosh Meena, Head of Research, Swastika Investmart Ltd, said.

Arvinder Singh Nanda, Senior Vice President, Master Capital Services Ltd, said, "The fall in the market is primarily attributed to the prevailing uncertainty surrounding the general elections. Moreover, muted cues from the Q4 earnings of large-cap companies have further dampened investor sentiment".

(With PTI Inputs)

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2024-05-09T15:09:18Z dg43tfdfdgfd