The biggest crash in the stock market in six months

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AHMEDABAD: The Indian stock market plunged to its highest level since April 2021 today on strong selling pressure from Chomer amid unfavorable local and global reports. Today, the Sensex plunged by 116 points and the Nifty by 3 points, with small-cap and mid-cap stocks making huge gaps.

Globally, fears of a resurgence of the global economic downturn due to the resumption of lockdowns in China, Russia and the UK, persistent rise in domestic petrol-diesel prices and the downgrade of Indian equity by another organization, Morgan Stanley, today weighed on the market.

Following these reports, the Sensex opened under pressure from the start of trading at the Bombay Stock Exchange today. This was earlier last date. On April 12, '71, the Sensex had lost 1,508 points. Thus, the biggest crash was recorded after April.

At the NSE, the Nifty intraday fell to 17.5 after a low start and bounced back to 7.50 points at the end of the day, bouncing back to 17.5.

Small investors were hit hard today as small-cap midcap stocks rallied in the wake of heavy selling pressure. Today, the BSE Midcap Index fell 4.5 points to 3.7 and the Smallcap Index fell 2.4 points to 202.5.

Several stocks were seen falling in volume at less than continuous widespread hammering. So that the marketbreadth became extremely bad. Out of the total 204 scrips traded on the BSE, the number of decliners was 9 and the number of gainers was 200. The only seller in 5 stocks was the lower circuit against the lower circuit, while the only buyer in 3 stocks was the upper circuit.

Massive erosion of investor capital

Small-midcap stocks fell sharply today on selling pressure from all around. Earlier in the week, the stock had plunged sharply. Thus, the massive erosion in small-midcap stocks led to a massive erosion of the capital of retail investors.

Huge gaps in small-midcap stocks

Large gaps were also seen in small-midcap stocks today due to heavy selling pressure from Chomer. As a result, the BSE Smallcap Index fell 2.4 points to 206.5 and the BSE Midcap Index fell 2.4 points to 7.5.

Nifty 30-DA downtrend is expected to be strong

The Nifty lost a significant level of 15,000 today and fell below its 30-day (daily average) due to heavy selling pressure. That indicates that the recession will intensify in the near future, analysts said.

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