Markets see a day of crash

4 Jun 2024 , 03:54 PM

On June 4th, as vote counting unfolded, Indian benchmark indices witnessed a staggering decline, marking one of the most significant downturns in recent memory. The Sensex, a barometer of the Bombay Stock Exchange, plummeted by 4,389.73 points, representing a substantial 5.74% decrease, closing at 72,079.05. Similarly, the Nifty, reflecting the National Stock Exchange’s performance, experienced a sharp decline of 1,379.40 points, or 5.93%, settling at 21,884.50. Amidst this tumultuous trading day, market dynamics reflected a stark imbalance, with 331 shares advancing, 3,093 shares declining, and 55 shares remaining unchanged.

Among the notable losers on the Nifty were prominent entities such as Adani Ports, Adani Enterprises, ONGC, NTPC, and SBI, each grappling with substantial losses. Conversely, a handful of companies managed to weather the storm, with HUL, Nestle, Britannia Industries, Hero MotoCorp, and Tata Consumer Products emerging as gainers amidst the market turmoil.

The downturn was not confined to specific sectors; rather, it reverberated across the market, leaving virtually no segment unscathed. With the exception of the Fast-Moving Consumer Goods (FMCG) sector, all other sectoral indices ended the day in the red. Notably, Realty, Telecom, Metal, Capital Goods, Oil & Gas, Power, and PSU Bank indices recorded losses exceeding 10% each, underscoring the widespread nature of the market downturn.

The broader market indices, indicative of the performance of mid-sized and small-cap companies, mirrored the bleak sentiment pervading the market. The BSE Midcap index registered a substantial 8% decline, while the small-cap index witnessed a nearly 7% fall, amplifying the broader market distress.