Stock market today: Nifty 50 falls for 3rd session in a row; investors lose nearly ₹5 lakh crore in a day
Stock market today: Indian stock market benchmarks, the Nifty 50 and the Sensex ended in the red on Tuesday, May 7, on all-round selloff.
Investors remained in the selloff mode amid persisting concerns over the premium valuation of the market in the absence of fresh triggers.
Heavy selling by foreign portfolio investors (FPIs) ahead of the Lok Sabha election outcome on June 4 is seen as one of the top reasons behind the recent downturn in the Indian stock market.
Also Read: Stock market today: 5 reasons why stock market is falling ahead of Lok Sabha election outcome
Sensex closed with a loss of 384 points, or 0.52 per cent, at 73,511.85. Shares of ICICI Bank, HDFC Bank, Reliance Industries and Power Grid ended as the top drags on the index.
The Nifty 50 closed 140 points, or 0.62 per cent, lower at 22,302.50 with 34 stocks in the red. It was the third consecutive session of losses for the Nifty 50 index.
The midcap and smallcap segments suffered deep cuts. The BSE Midcap index plunged 1.90 per cent while the Smallcap index ended with a loss of 1.65 per cent.
The overall market capitalisation of BSE-listed firms dropped to nearly ₹398.4 lakh crore from ₹403.4 lakh crore in the previous session, making investors lose nearly ₹5 lakh crore in a single session.
(More to come)
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Published: 07 May 2024, 03:33 PM IST