- Sensex down 1190 points, eroding market cap by Rs 6.97 lakh crore in one day
The Sensex closed at 55822.01 points on Monday, breaking the 56000 point mark with a fall of 1189.73 points on the back of disappointing statements from Omicron, World Economy, Central Banks and FPI. As a result, even in the BSE market cap, Rs. Erosion of Rs 6.97 lakh crore was recorded. The Nifty-50 closed at 16,614 points, down 371 points, after breaking the intra-day technical support of 17,500 points.
The intra-day Sensex fell 1879 points at one point to close at 55000 points. But the market finally felt relieved to see a recovery of 689 points from the last headwind. Smallcap and midcap were also down more than 3 percent.
The stock market crashed for these 5 reasons
- Fear of growing Omicron crisis in the world
- Central banks fear recession in world economy
- Indian equity valuation is relatively expensive
- Uninterrupted sale of foreign financial institutions
- The rupee fell to 76 against the dollar
If Nifty breaks 16410, it will be
16200. Technically, it has become imperative for Nifty to maintain technical support of 16410 points. Experts point out that if it breaks, it will break as low as 16000. However, on the other hand, technical experts are of the view that 16700 will remain a significant resistance against maintaining the important support of 16500.
2985 points in 7 sessions The Sensex
has lost 2985 points (5.34%) during the last 7 trading sessions.
The market cap is also Rs. 12.66 lakh crore