Check top losers of today's stock market crash

The decline was attributed to profit booking and concerns over the overvaluation of mid- and small-cap stocks.

Stock Market Crash, Top Losers Today, Market Decline, Financial News Update, Stock Performance Report, Market Downturn Analysis, Market Volatility News, Stock Market Update, Market Losers List, Economic News Insights. | Check top losers of today's stock market crash- True Scoop

Today's stock market saw a significant downturn, with the Sensex and Nifty 50 indices experiencing substantial losses. The BSE Sensex closed 1,052.10 points or 1.47% lower at 70,385.09, while the Nifty 50 settled at 21,106.40, down 1.62% or 346 points. This decline was attributed to profit booking and concerns over the overvaluation of mid- and small-cap stocks.

The Nifty Midcap 100 index dropped 4.5% from its high, and the Nifty Smallcap 100 index fell 5% to a low of 14,951. Meanwhile, IT companies, which derive a significant portion of their revenue from the US market, saw a nearly 10% increase in the last two weeks due to expectations of a rate cut in the first half of 2024.

The rupee remained flat at 83.18 against the US dollar amidst substantial selling in equity markets, driven by apprehensions regarding oil supplies through the Red Sea route. The US dollar index, which measures the dollar's strength against a basket of six currencies, was trading 0.08% higher at 101.87 on Wednesday.

The market initially showed strength but ultimately experienced a sharp decline, with the BSE Sensex slipping 931 points to 70,506 and the Nifty falling 303 points to close at 21,150. This led to a collective loss of Rs 9.1 lakh crore for stock market investors. Among the top 10 stocks that suffered the most significant declines were Indiabulls and IOB, which fell by 11% and 10%, respectively.

Tata Steel's shares fell by 4.21%, closing at Rs 129.70 on BSE, while NTPC slipped by 3.79% to Rs 298.05. Additionally, Tata Motors, HCL Tech, M&M, SBI, Powergrid, and Tech Mahindra all experienced declines ranging from 2.68% to 4.21%.

The market crash can be attributed to several factors:

1. Global cues: Asian shares mostly advanced on Wednesday, and US futures rose, but the US dollar held steady against a basket of peers as traders weighed the chances of the Fed cutting interest rates.

2. Profit booking: Nifty 50 posted its worst session in nine months due to profit booking, with the correction being described as normal for the markets.

3. Broader markets decline: Small- and mid-cap stocks underperformed the benchmarks, experiencing their worst sessions in three and 12 months, respectively.

4. Rise in COVID cases: The detection of 21 cases of the COVID-19 sub-variant JN.1 across the country, along with 16 related deaths over the past two weeks, contributed to market concerns.

5. Selling pressure on Nifty Bank index: The Bank Nifty index experienced intense selling pressure, resulting in a bearish engulfing candle on the daily chart, with PSU bank stocks witnessing sharp falls.

Today's stock market witnessed a significant downturn, influenced by a combination of domestic and global factors, leading to substantial losses for investors.