Share Market: Share market turns red on Holi, chaos everywhere! Sensex falls 1122 points, Nifty below 24,500

Indian Stock Market Crash: While on one hand Holi is being celebrated with great pomp across the country on March 4, on the other hand there was a sharp decline in the Indian stock market and major indices closed in the red for the third consecutive day. BSE Sensex fell 1,122.66 points or 1.40% and closed at 79,116.19. At the same time, Nifty fell by 385.20 points or 1.55% to the level of 24,480.50 and slipped below the important level of 24,500.

Global tensions, especially the ongoing conflict between America and Israel and the rise in crude oil prices weakened investor sentiment, leading to an all-round sell-off in the market.

Pressure on sectoral index

The impact of the decline was visible on almost all major sectors. Weakness of 2% to 4% was recorded in Infra, PSU Bank, Realty, Media, Oil & Gas, Auto and Metal sectors. Only the IT index closed almost flat, indicating limited stability in tech stocks. Midcap and smallcap indices also fell by around 2% each, reflecting pressure in the broader market.

Big decline in investors’ wealth

This sharp fall in the market resulted in a huge reduction in the wealth of investors. The total market capitalization of BSE listed companies came down to Rs 446.80 lakh crore, which was Rs 456.90 lakh crore in the previous trading session. In this way, a decline of about Rs 6.55 lakh crore was recorded in a single day. This figure clearly shows the level of panic and selling in the market.

Weakness in big Sensex stocks

27 out of 30 Sensex stocks closed with a decline, which shows the widespread weakness of the market. Tata Steel was the top loser with a fall of 6.76%. Apart from this, a decline of 3.07% to 4.53% was seen in the shares of Larsen & Toubro (L&T), Bajaj Finance, UltraTech Cement and NTPC. Selling in these big companies created additional pressure on the index.

Slight rise in selected stocks

However, even in the declining environment, some shares closed in the green. Bharti Airtel was the top gainer with a gain of 1.78%. Apart from this, Infosys and Tech Mahindra recorded a rise of 0.51% to 1.50%. This shows that limited support remained in the IT and telecom sectors.

broad picture of the market

A total of 4,433 shares were traded on BSE, out of which 3,237 shares closed with a decline and only 1,052 shares were in the gain. 144 shares closed flat. 53 shares touched a new 52-week high, while 719 shares reached their new 52-week low, indicating continued weakness in the market.

Disclaimer: The information provided here is being given for information only. It is important to mention here that investing in the market is subject to market risks. As an investor, always consult an expert before investing money. Bussiness never advises anyone to invest money here.

The post Share Market: Share market turns red on Holi, chaos everywhere! Sensex falls 1122 points, Nifty below 24,500 appeared first on Latest.