Domestic stock market crashed due to big selling in IT shares, Sensex fell below 84000, Nifty weakened by 147 points.

Mumbai, 12 February. The domestic stock market crashed on Thursday due to heavy selling in information technology (IT) stocks amid weakening hopes of interest rate cuts in America and fears of possible disruption from Artificial Intelligence (AI). BSE Sensex slipped below 84,000 with a loss of 559 points, whereas 24 hours ago, after crossing the level of 26,000, NSE Nifty returned and stood slightly above 25,800 with a loss of 147 points.

Sensex fell 558.72 points and closed at 83,674.92.

Bombay Stock Exchange (BSE)’s benchmark index Sensex based on 30 shares fell 558.72 points or 0.66 percent to close at 83,674.92 points. At one point during trading, the index had fallen to 83,516.67 with a loss of 716.97 points. Among Sensex related companies, shares of – were in profit and – were seen in weakness.

Nifty 0.57closed at 25,807.20 points with a fall of 50%

On the other hand, the 50-share sensitive index Nifty of National Stock Exchange (NSE) also closed at 25,807.20 points with a decline of 146.65 points or 0.57 percent. Among Nifty related companies, shares of – remained strong and – declined. The BSE Midcap index of medium companies declined by 0.48 percent and the Smallcap index of small companies declined by 0.28 percent.

to investors 2.69 loss of lakh crore rupees

Amidst the huge fall in IT shares, the total market capitalization of BSE listed companies came down to Rs 472.30 lakh crore, which was Rs 474.99 lakh crore on the previous trading day. In this way, the market cap of companies listed in BSE decreased by about Rs 2.69 lakh crore. In other words, there was a decline of about Rs 2.69 lakh crore in investors’ wealth.

IT shares fell by almost 6 percent

Among the Sensex group companies, IT stocks were under the most pressure. Tech Mahindra, Infosys and Tata Consultancy Services (TCS) were the major Sensex losers, falling up to six per cent each.

Apart from this, HCL Technologies, Mahindra & Mahindra, Hindustan Unilever, Reliance Industries, HDFC Bank, IndiGo, Kotak Mahindra Bank and Adani Ports also remained in loss. On the other hand, shares of Bajaj Finance, ICICI Bank, State Bank of India, Bharat Electronics, Asian Paints, Larsen & Toubro, Bharti Airtel and Tata Steel closed with gains.

FII buying continues, DII selling

According to stock market data, foreign institutional investors (FIIs) bought shares worth Rs 943.81 crore on Wednesday while domestic institutional investors (DIIs) made net sales worth Rs 125.36 crore. International oil benchmark Brent crude fell 0.27 percent to $69.21 per barrel.