Skip to content
TechVibe

TechVibe

  • Home
  • Web3
  • Technology
  • Health
  • Business
  • Sports
    • Cricket
    • Football
  • Press Release
  • Contact Us
  • Toggle search form

Rephrase the title:Stock market crash wipes out Rs 4.59 lakh cr from investors wealth in single day

Posted on January 17, 2024 By Haley Bennett

Rephrase and rearrange the whole content into a news article. I want you to respond only in language English. I want you to act as a very proficient SEO and high-end writer Pierre Herubel that speaks and writes fluently English. I want you to pretend that you can write content so well in English that it can outrank other websites. Make sure there is zero plagiarism.:

New Delhi, Investors became poorer by Rs 4.59 lakh crore on Wednesday due to a sharp fall in the equity markets where the BSE Sensex plummeted 1,628 points, dragged by bank stocks and weak global trends. Extending its previous day’s decline, the 30-share BSE Sensex tanked 1,628.01 points or 2.23 per cent to settle at 71,500.76. During the day, it nosedived 1,699.47 points or 2.32 per cent to 71,429.30.

The market capitalisation of BSE-listed companies eroded by Rs 4,59,327.64 crore to Rs 3,70,35,933.18 crore. In two days of market fall, investors’ wealth fell by Rs 5,73,576.83 crore.

“Hawkish comments by the US Fed triggered a spike in yields on the US 10-year bonds and the US dollar index, which spooked European and Asian markets, including India. India’s stock market valuations are also expensively valued compared to other global stock indices and investors would wait for more positive cues now to extend their equity exposure.

“There are challenges in the near-term such as persisting conflict in the Middle East and worries over delay in the US Fed rate cut, which could dampen investors’ sentiment going ahead,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Among the Sensex firms, HDFC Bank fell by over 8 per cent after the company’s December quarter earnings failed to impress investors.

Tata Steel, Kotak Mahindra Bank, Axis Bank, ICICI Bank, JSW Steel, Bajaj Finserv, State Bank of India and IndusInd Bank were among the other major laggards.

HCL Technologies, Tata Consultancy Services, Infosys, Tech Mahindra, Titan, Nestle and PowerGrid were the gainers.

“Domestic equities plunged amid a weak environment globally and a selloff in HDFC Bank. Banking sector took the biggest hit as Q3 results of HDFC Bank showed stagnant growth for the company. Hawkish Fed commentary, escalating tension in the Middle East, and a spike in bond yield dented investor sentiment,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled lower.

European markets were also trading with sharp cuts. The US markets ended in negative territory on Tuesday.

In the broader market, the BSE midcap gauge fell by 1.09 per cent and smallcap index declined 0.90 per cent.

Among the indices, bankex tumbled 4.02 per cent, financial services fell by 3.76 per cent, metal (2.86 per cent), commodities (2.31 per cent), telecommunication (1.94 per cent) and realty (1.47 per cent).

IT, consumer durables and teck were the gainers.

As many as 2,510 stocks declined, while 1,301 advanced and 89 remained unchanged.

Haley Bennett

I have over 10 years of experience in the cryptocurrency industry and I have been on the list of the top authors on LinkedIn for the past 5 years. I have a wealth of knowledge to share with my readers, and my goal is to help them navigate the ever-changing world of cryptocurrencies.

Business Tags:bajaj finserv, equity market, hdfc bank, investors money, prashanth tapse, sensex, siddhartha khemka, stock market, us fed

Post navigation

Previous Post: Rephrase the title:Big Tech Companies Like Meta, Microsoft Are Not Respecting New EU Competition Rules, Rivals Claim
Next Post: Rephrase the title:Tamil Nadu to deploy innovative ‘trash interceptors’ to rid rivers of plastic pollution in 14 districts

Related Posts

Rephrase the title:Samsung India partners Blinkit to deliver Galaxy S24 series in 10 min Business
Rephrase the title:India squad for remaining England Tests announced, Virat set to miss entire series Business
Rephrase the title:Apple at Delhi art fair 2024- creativity meets tech Business
Rephrase the title:Your himalayan escape: unveiling sarahan’s beauty and rich heritage Business
Q2 FY24 witnesses remarkable growth for Adani Energy Solutions Ltd Business
Rephrase the title:S&P downgrades Vedanta Resources to ‘selective default’ after debt extension Business

Recent Posts

  • Robin Open Social-Fi: Revolutionizes Gaming with Innovative Integration and Global Partnerships
  • $GUMMY Set to Launch New Meta On Staking on Solana
  • BinoStake.io: Transforming Crypto Investments On BNB Chain with Liquid Staking Solutions
  • Mocaverse to Develop Decentralized Social Layer
  • Expansion of Web3 Fueled by Hong Kong’s Financial Secretary

Categories

  • Business
  • Cricket
  • Football
  • Health
  • Press Release
  • Technology
  • Web3

About Us

Welcome to TechVibe9, where the rhythm of technology meets innovation! We are a group of tech enthusiasts on a mission to uncover and showcase the latest in the tech world.

Mail Us : support@techvibe9.com

Latest Post

  • Robin Open Social-Fi: Revolutionizes Gaming with Innovative Integration and Global Partnerships
  • $GUMMY Set to Launch New Meta On Staking on Solana
  • BinoStake.io: Transforming Crypto Investments On BNB Chain with Liquid Staking Solutions

Helpful Links

  • About Us
  • Contact Us
  • Privacy Policy
  • Terms & Conditions

Copyright © TechVibe9

Powered by PressBook Masonry Dark