Rs 2.8 lakh crore selloff! Sensex tumbles nearly 600 pts, Nifty at 25,800. What spooked the Indian stock market today?
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Benchmark indices Sensex and Nifty tumbled sharply as a risk-off mood gripped markets, with stronger-than-expected U.S. jobs data dampening hopes of near-term rate cuts and weighing on investor sentiment. The selloff wiped out about Rs 2.80 lakh crore in investor wealth, dragging the total BSE market capitalisation down to Rs 472 lakh crore. The BSE Sensex declined over 559 points to end the day at 83,675, while the Nifty 50 was down over 147 points to end the session at 25,807 level. Earlier this week, the frontline index reclaimed the 26,000 mark. On the 30-stock Sensex, Infosys, TCS, Tech Mahindra, HCL Tech, HUL, and Eternal were the major laggards, falling up to 6%. Gains in ICICI Bank, Bajaj Finance, BEL, Trent and SBI weren’t enough to turn the tide. Here are the major factors behind today’s fall 1.) IT Selloff The bloodbath was broad-based, with the Nifty IT index plunging a staggering 5.5% as heavyweights such as Infosys, HCLTech,...