Mumbai/IBNS: The Indian stock market witnessed a sharp sell-off as investors’ wealth worth nearly Rs. 8 lakh crore was wiped out in a single trading session amid heightened pressure on Dalal Street, media reports said.
The BSE Sensex plunged over 1,000 points during the session, while the Nifty 50 declined more than 300 points as investors remained cautious amid mounting geopolitical and economic concerns.
Crude oil surge weighs on markets
The market sell-off came amid a sharp rise in crude oil prices, with Brent crude trading above the $100-per-barrel mark as escalating tensions in West Asia raised concerns over global oil supplies.
Brent crude climbed as much as 3.9% to touch a day’s high of $104.09 per barrel, adding to concerns over India’s import bill and inflation.
Investors’ wealth takes a hit
The sharp decline in benchmark indices resulted in a significant erosion of investors’ wealth, with the total market capitalisation of BSE-listed companies falling by nearly Rs. 8 lakh crore.
The sell-off was broad-based, with several sectoral indices coming under pressure as investors reacted to rising crude prices, geopolitical uncertainty and persistent foreign fund outflows.
The sharp fall came amid a challenging global environment, with elevated oil prices and concerns over inflation continuing to weigh on investor sentiment.
