Sensex slips over 1,530 pts, Nifty 50 plunges 475 pts this week; above ₹6.86 lakh cr wealth eroded

  • Domestic equities are in red since February 17th. From the last time when markets were in green which was February 16, Sensex has erased 1,855.58 points and Nifty 50 has dipped by 570.05 points in six trading sessions.

Pooja Sitaram Jaiswar
Updated24 Feb 2023, 07:56 PM IST
Sensex plunged by 141.87 points or 0.24% to end at 59,463.93. While Nifty 50 closed at 17,465.80 lower by 45.45 points or 0.26% on Friday.
Sensex plunged by 141.87 points or 0.24% to end at 59,463.93. While Nifty 50 closed at 17,465.80 lower by 45.45 points or 0.26% on Friday.(REUTERS)

Indian market recorded its worst weekly performance in eight months. Global cues have played a bigger role in dictating sentiment as worries about rate hikes and inflation escalate. On the domestic front, the hysteria in Adani shares also soured the tone. On Friday, Sensex and Nifty 50 extended their sixth consecutive day drop, while ending below 59,500 and 17,500 levels. Riding on the back of the bearish market, more than 6.86 lakh crore of investors' wealth has been eroded this week.

Sensex plunged by 141.87 points or 0.24% to end at 59,463.93. While Nifty 50 closed at 17,465.80 lower by 45.45 points or 0.26% on Friday.

On Friday, the draggers were metal, auto, and capital goods stocks. On BSE, the Metal index took lead in the selling pressure with a downside of nearly 484 points, while the Auto and Capital Goods index followed by diving around 294 points and 238 points respectively.

Top losers on Sensex were M&M (-2.5%), Tata Steel (-1.9%), Tata Motors (-1.3%), and L&T (-1.2%).

Meanwhile, the gainers' list was led by Asian Paints while Bajaj Finserv, NTPC, Power Grid, and Reliance Industries (RIL) followed suit.

Between February 20th to 24th, Sensex tumbled by 1,538.64 points or 2.52%, while Nifty 50 dived by 478.4 points or 2.67%.

Domestic equities are in red since February 17th. From the last time when markets were in green which was February 16, Sensex has erased 1,855.58 points and Nifty 50 has dipped by 570.05 points in six trading sessions.

In these six trading sessions, investors have recorded more than 8.30 lakh crore erosion in wealth.

By end of February 24th, BSE-listed companies' market cap stood at a little over 260 lakh crore. The latest reading is lower by 6,86,313.35 crore --- from last week's Friday m-cap of nearly 266.87 lakh crore. While from February 16th m-cap of nearly 268.31 lakh crore --- the m-cap has dropped by a massive 8,30,322.61 crore.

M-cap of BSE-listed equities declined by 81,435.57 crore on Friday alone.

What changed the market?

Dr. Joseph Thomas, Head of Research, at Emkay Wealth Management, said, "the downslide in the equity market persisted throughout the last week of trading, influenced by internal as well as external developments. The major factor that has been causing a bend in the river is the avalanche of economic data, mostly from the US, that carried hints that the economy might be stronger that one thinks, inviting an inference that there could be further policy tightening in store."

On Nifty 50, Rohan Patil, Technical Analyst, SAMCO Securities said, "Nifty confirmed failed breakout and bears were in the driver's seat for the entire week and prices continue to close in red for the straight seven days. The index on the weekly chart has formed a tall red candle that has engulfed its previous three weeks' candles, which indicates currently bears are having an upper hand in the market."

Going ahead, Thomas believes these "pressures are not going to go away soon, and could dominate discussions and markets for another quarter or so. It looks like the factors responsible for the current weakness still has an upper hand.”

 

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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News in Numbers

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₹68,885 Cr

3.15L

48%

₹6.7 T

$240.5 M

$459 M

$3 B

₹588.25 Cr

₹20,000 Cr

7.93 Cr

₹8,943 Cr

10%

20 Yrs

First Published:24 Feb 2023, 07:56 PM IST
HomeMarketsStock MarketsSensex slips over 1,530 pts, Nifty 50 plunges 475 pts this week; above ₹6.86 lakh cr wealth eroded

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