Market Turmoil: Investors Lose Rs 9.19 Lakh Crore Amid Sensex Slump
The BSE Sensex index plunged by 930.55 points, eroding investor wealth by Rs 9.19 lakh crore. The sell-off was driven by foreign investors withdrawing funds, seeking cheaper markets such as China. Rising U.S. bond yields and moderate Q2 earnings also contributed to the decline.
- Country:
- India
The stock market experienced a significant downturn, with the BSE Sensex index plunging 930.55 points. This dramatic fall resulted in an erosion of investors' wealth by a staggering Rs 9.19 lakh crore.
The decline continued from the previous day, driven by foreign institutional investors (FIIs) pulling out funds, choosing instead to invest in relatively cheaper markets such as China. The U.S. bond yield rise amid expectations of modest Fed rate cuts further compounded the global market's instability.
Additionally, the second quarter earnings reports were less promising, casting a shadow over investors' outlook. The BSE smallcap and midcap indices also saw notable declines, contributing to the overall market gloom.
(With inputs from agencies.)
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