More than 3.87 lakh crores of investors drowned
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Mumbai (Best Hindu News): Investors today drowned more than Rs 3.87 lakh crore in the uproar created by a fall of one and a half percent in the stock market on the possibility of further interest rate hike by the world’s central banks.
BSE’s 30-share sensitive index Sensex plunged 927.74 points, or 1.53 percent, to below the psychological level of 60 thousand points at 59744.98 points and the National Stock Exchange (NSE) Nifty fell 272.40 points, or 1.53 percent, to 17554.30 points.
The market capitalization of investors declined by Rs 3,87,232.25 crore to Rs 2,61,33,879.49 crore from the previous day’s Rs 2,65,21,111.74 crore due to heavy fall in the stock market.
Arvinder Singh Nanda, Senior Vice President, Master Capital Services Limited, an investment advisory company, said that the stock market has witnessed a sharp decline as the monthly futures contract for the month of February draws closer to settlement. The US Fed’s signal to raise interest rates once again has played an important role in this decline. The jolt came at a time when the market was recovering from the continuing sell-off by foreign institutional investors (FIIs) and the outcry following the Hindenburg report against the Adani group.
The Fed Reserve’s Open Market Committee (OMC) minutes are due to be released late on Wednesday, in which they will give some indication of further interest rate decisions. The outcome of the FOMC meeting will have a significant impact on global markets.
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