Indian stock markets experienced a significant downturn today as concerns over a potential recession in the United States led investors to move away from risk assets. The Sensex opened Monday’s session with a sharp decline of over 2,400 points, while the Nifty dropped below the 24,300-level due to heavy selling in major stocks.
Rs 10 Lakh Crore lost in an hour
The market capitalisation of all listed companies on the Bombay Stock Exchange (BSE) fell by Rs 10.24 lakh crore, bringing the total to Rs 446.92 lakh crore. This substantial loss reflects the widespread investor anxiety and market instability.
The Sensex fell below its Budget-day low of 79,224. Similarly, the Nifty50 slipped below its 20-day moving average (DMA), marking its largest single-day decline in over two months. This downward trend indicates a broader market impact and heightened volatility.
Blue-Chip Stocks Hit Hard
Among the blue-chip stocks, Tata Motors, Tata Steel, M&M, Maruti, and JSW Steel faced the steepest declines, falling by up to 6%. The broader market, represented by the Nifty500, dropped by 2.7%, driven down by companies like Phoenix Mills, Motherson International, and Kalyan Jewellers.
Memes flood Social Media
The market crash sparked a flurry of activity on social media, with users sharing memes and reactions to the downturn. One user posted a scene from the Mahabharat TV series, where Duryodhan questions why the sun hasn’t set yet, capturing the mood of disbelief and frustration. Another user commented that the stock market crash felt worse than previous significant declines.
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