The Indian stock market witnessed a crash on Friday (February 28) morning, with the Nifty 50 index recording an intraday loss of over 400 while the Sensex registered an intraday loss of 1,400 points.
The Nifty 50 index opened downside at 22,433 and touched an intraday low of 22,105 while the Sensex opened lower at 74,201 and touched an intraday low of 73,159, reported Mint.
While trading in all sectors were impacted, IT, tech, auto, and telecom were the most affected in the stock market crash on Friday.
The Mint report added that according to stock market experts, the Indian stock market is falling for various reasons including buzz about weak earnings by Indian banks, MSCI rejig, DIIs stuck at higher levels, rising US bond yield, and FIIs moving from India to China.
Last year, Union Home Minister Amit Shah had said the Indian stock market will “shoot up” after the Lok Sabha elections 2024 are announced on June 4.
However, Sensex and Nifty 50 had cracked 8% each with the BSE-listed companies erasing market capitalisation of nearly Rs. 40 lakh crore on June 4 last year when the election results revealed that the BJP couldn’t secure a majority on its own.
In October last year, Prime Minister Narendra Modi had said during his address at the NDTV World Summit that global investors were eyeing the Indian market.
“Mark Mobius is one of the many persons who loves India. His excitement about the opportunities here speaks volumes. When he suggests that global funds should invest at least 50 per cent in the Indian stock market, it carries a significant message,” Modi had said.
