Sensex falls 2,700 points, BSE market value drops ₹11L/cr
The Indian stock market just had a rough patch. Sensex dropped 2,700 points (more than 3%) in four consecutive sessions, while Nifty 50 shed 3%.
On Tuesday, the Sensex dropped over 700 points to an intraday low of 75,276, and the Nifty 50 fell to 23,618.
The total value of BSE-listed companies slid from ₹473 lakh crore to ₹462 lakh crore in less than a week.
Narendra Modi austerity calls worry investors
This sell-off was triggered by global uncertainty and Prime Minister Modi's calls for austerity, like cutting back on fuel and gold, which made investors nervous about future growth.
Rising oil prices from the West Asia crisis have also pushed up inflation worries, hurting sectors like airlines, hotels, and oil marketing companies.
On the flip side, IT stocks held up well thanks to steady dollar earnings and optimism around AI.