Stock market plunges; Sensex down over 930 points as FIIs continue to sell; investors lose over Rs 9 lakh crore

Mumbai: The benchmark indices fell sharply on Tuesday as the BSE Sensex closed at 80,220.72, over 930 points down or 1.15 per cent fall from previous close, wiping out nearly 9 lakh crore of market capitalization leaving several investors reeling, amidst concerns over slowdown in the economic activity during the second quarter of FY2024-25.

Apart from concerns over economic slowdown there has been constant sell off by the Foreign Institutional Investors in the current month. The FIIs have sold equities close to Rs 90,000 crore highest in a month in recent times.

General perception is that every dip in market provides an opportunity to buy but this has also failed in the current cycle of bearish in the stock market.

The FIIs yesterday alone sold equities in the cash segment to the tune of Rs 2,261.83 crore while the Domestic Institutional Investors (DIIs) bought worth Rs 3,225.91 crore in the last trading session, according to data available.

NSE index Nifty also plunged 309 points or 1.25 per cent to close at 24,472, dipping below 24,500-level.

The market today opened on a positive note with the BSE Sensex rising about 200 points up but in no time the market turned negative and could never recover through the day.

In the 30-share BSE Sensex shares of 29 companies ended in the red as they closed at price lower than yesterday with an exception of ICICI Bank which ended in the green

Along with the benchmark indices, the Mid cap and small cap also slipped by 2.52 per cent and 3.81 per cent respectively.

The losers were M & M by 3.62 per cent to Rs 2888.65, SBI by 2.97 per cent to Rs 790, Powergrid by 2.92 per cent to Rs 321.35, Tata Steel by 2.61 per cent to Rs 150.95 and IndusInd Bank by 2.35 per cent to Rs 1277.30.

While the gainers were ICICI Bank by 0.77 per cent to Rs 1269 and Nestle India Ltd by 0.13 per cent to Rs 2358.