The Indian stock market experienced a significant downturn today, with investors engaging in heavy profit booking, leading to substantial losses for major indices. The Sensex fell by a staggering 1,272 points, closing at 84,299, while the Nifty lost 368 points, ending at 25,810.
Banking stocks were particularly hard-hit, with shares of Axis Bank, ICICI Bank, and SBI facing severe declines. Additionally, major companies such as Reliance, Nestlé, Tech Mahindra, Mahindra & Mahindra, Maruti Suzuki, Bharti Airtel, Bajaj Finserv, Tata Motors, Infosys, and Sun Pharma also recorded substantial losses.
On a brighter note, some stocks managed to post gains, including JSW, NTPC, Tata Steel, Titan, and Asian Paints. However, overall, investors saw a massive loss in wealth, with the market capitalization of the Sensex dropping by ₹3.96 lakh crore to ₹473.97 lakh crore.
Today’s trading revealed that foreign institutional investors are now shifting their attention to the Chinese stock market, drawn by the recent economic stimulus measures announced by the Chinese government. This redirection of focus has raised concerns among Indian investors as they brace for further volatility.