Market turmoil: ₹14.5 lakh cr investor wealth eroded in 5 sessions amid volatility

The stock market witnessed a sharp sell-off on Wednesday, as the Nifty and Sensex fell for the fifth straight session. This comes amid rising tensions in the Middle East and worries over escalation on the Israel-Hamas war front.

On Wednesday alone, investors witnessed a staggering loss of over ₹2 lakh crore. Over the past five trading sessions, the cumulative loss in investor wealth amounted to ₹14.5 lakh crore.

Nifty today closed at 19,122, down 160 points, while the Sensex ended the day at 64,049, down 523 points.

It was a day of red for the broader markets as well. The BSE small-cap index experienced a 0.77% decline, and the mid-cap index dropped by 0.52%.

On the sectoral front from IT, to financial services to realty, stocks ended in the red. The metal sector was the only one that showed some gains.

Avinash Gorakshkar, Head of Research at Profitmart Securities, quoted by Mint, said “Rising US Treasury yields are also putting pressure in global equity market and India's Dalal Street is not an exception to it."

Another worry is the rising crude oil prices. Brent crude, rose by 0.30%, reaching $88.32 per barrel.

Also Watch: IPO 2023: Over half a dozen companies to go public around Diwali