Bloodbath On D-Street: Over Rs 5 Lakh Crore Worth Of Investor Wealth Wiped Off, Nifty down 1%

The Indian equity market fared miserably on Thursday as the two benchmark indices Sensex and Nifty fell over 1% during the intraday trading with all sectors in red.

At 11:54 am IST today, Sensex was down 1.24% at 63,254.73 points, while Nifty 50 fell 1.28% at 18,877.60 points. At the time of writing this article, around 60 stocks reached their 52-week low, 12 stocks were trading at their 52-week high, 325 stocks advanced while 1,954 stocks declined.

For Indian equities, the month of October has seen FIIs dumping Indian stocks amid rising US bond yields and a war in West Asia.

Today's dismal performance of Indian equities has wiped off more than Rs 5 lakh crore of investor wealth in a single day. In terms of the market capitalization of all-BSE listed stocks, investors have become poorer by Rs 9.8 lakh crore in the month.

The negative trading on Dalal Street on Thursday came on the back of a weak handover from global indices triggered by a combination of economics and geopolitical situation amidst Israel Hamas war. In the overnight trading on Wall Street, the three major indices closed lower.

While the Nasdaq ended 2.4% down last night, Japan's Nikkei was also trading 2% lower and China's Hang Seng was down 0.75%. The S&P 500 slumped 1.43% to close at 4,186.77, the tech-heavy Nasdaq Composite lost 2.43%, and the Dow Jones Industrial Average fell 0.32% to 33,035.93.

The month of October has proved to be one of the best months for Nifty Bulls in the last 10 years. The benchmark index has offered a positive monthly return in 9 out of 10 times with the average return being 2.9% (the highest in any calendar month).

On Nifty 50, Axis Bank was the sole gainer at the time of writing this article. The biggest laggards were Mahindra And Mahindra Ltd (down 3.18%), Tech Mahindra (down 2.89%), Apollo Hospitals Enterprise Limited (down 2.68%), and Bajaj Finance (down 2.64%).

Indian Rupee:

The Indian rupee struggled on Thursday as investors brace for the fallout of a short-lived relief from US Treasury yields and oil prices. According to PTI, the domestic unit fell by 6 paise to 83.23 against the US dollar in early trade on Thursday.