Mumbai: Monday’s trading session was a loss-making one for the Indian stock market. Due to the signs of recession in the US, Indian markets along with global markets witnessed a big decline. Sensex fell 2,222 points or 2.74 percent to 78,759 and Nifty fell 662 points or 2.68 percent to close at 24,055.
Due to the decline in the market, the market cap of the Bombay Stock Exchange (BSE) came down to Rs 441 lakh crore, which was Rs 457 lakh crore in the previous trading session. In this way, investors have suffered a loss of Rs 16 lakh crore. The biggest impact of the decline was seen in small and medium stocks.
The Nifty Smallcap 100 index was down 858 points or 4.57 per cent at 17,942 and the Nifty Midcap 100 index was down 2,056 points or 3.55 per cent at 55,857. All the indices closed in the red. The biggest decline was in the PSU Bank, Metal, Realty, Energy, Infra, Auto and IT indexes.
28 out of 30 stocks in the Sensex closed in the red. Tata Motors, Tata Steel, SBI, Power Grid, Maruti Suzuki, JSW Steel, Infosys, L&T and Tech Mahindra were the top losers. Only HUL and Nestle closed in the green. Market experts say that there is an atmosphere of instability in the markets due to the signs of recession in the US and poor job data and the rise of the Japanese Yen. Due to this, heavy selling has been seen in the Indian markets. However, the Nifty has closed close to 24,000.
Santosh Meena, Research Head of Swastika Investmart, says that the decline has been seen due to the continuous bad news coming from the global markets. Interest rates have been increased by Japan and due to which the money invested by Japan worldwide is expected to go back to its economy. At the same time, the job data in America also came out to be poor, due to which selling is being seen in the market.
