Sensex, Nifty close in red 4th day in a row; investors log ₹9 lakh crore loss in stock market plunge - Hindustan Times
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Sensex, Nifty close in red 4th day in a row; investors log 9 lakh crore loss in stock market plunge

Apr 18, 2024 04:46 PM IST

Both Sensex and Nifty were awash in red today at close. Know how badly the stock market was hit today.

The week has not been going well for investors for the last four days and the stock market today did not offer any succour either, as both BSE Sensex and NSE Nifty ended in red. The losses have been quite notable - over the last four days, investors have lost a whopping 9 lakh crore.

Sensex and Nifty closed in red today. Check out the loss makers.((ANI))
Sensex and Nifty closed in red today. Check out the loss makers.((ANI))

While Sensex dropped 455 points, or 0.62 per cent to close at 72,488.99, Nifty 50 dropped 152 points, or 0.69 per cent, to close the day at 21,995.85 points. The misfiring stocks included the likes of HDFC Bank, ICICI Bank and Axis Bank.

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However, in Europe, the stock markets were trading in the green at the time the Indian stock markets closed and this included France's CAC 40, Germany's DAX and UK's FTSE.

What is driving investor concerns?

While Ukraine seems to have lost some of its power to impact global sentiments and bourses over the recent weeks and months, the same has been more than been made up by the Israel-Iran clash. Things had quietened after Iran’s missile and drone attacks, but with Israel adamant that it will strike back despite global warnings not to, have again affected sentiment. The fear is that a wider war may be sparked in the Middle East by Israel’s actions. Israel PM Benjamin Netanyahu has not looked to tone down the rhetoric against Iran even in the public sphere.

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Stocks in green

Even as Sensex closed in red, four stocks managed to save the day from turning into a disaster. Closing out the day in green were Infosys, Bharti Airtel, Larsen and Toubro, and Power Grid.

On the broader Nifty, 14 closed higher even as 36 stocks ended in red. On the Nifty, shares ending in green were Bajaj Auto, Bharti Airtel, and Power Grid.

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A notable pushback against the gloom came from the BSE Smallcap index, which ended flat - gain of 0.06 percent.

Market Cap Loss

With so many stocks in red, the losses were expected to be heavy and the same was reflected in the market capitalisation of the BSE-listed firms. The market cap dropped to nearly 393.3 lakh crore from nearly 402.2 lakh crore today. And the 4-day loss for investors - about 9 lakh crore.

Reaction

Shedding light on the day's proceedings, Vinod Nair, Head of Research, Geojit Financial, said, “Domestic benchmarks extended losses amid mixed sentiments, emerged from escalating geopolitical tensions in the Middle East, and as hopes of US rate cuts waned. The broader market has also witnessed profit booking….”

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