Market Turmoil: Investors Lose Rs 5.99 Lakh Crore in Dramatic Sensex Sell-Off

Investors faced a loss of Rs 5.99 lakh crore as the BSE Sensex dropped by over 1% amid heavy selling influenced by foreign investor withdrawals, looming US elections, and Federal Reserve decisions. Valuation concerns and corporate earnings disappointments deepened the market decline.

The financial market experienced a significant downturn as investors' wealth plummeted by Rs 5.99 lakh crore due to a massive sell-off, causing the BSE Sensex to fall by over one percent.

The downturn was exacerbated by declines in Reliance Industries and banking stocks, alongside relentless selling by foreign investors. Caution ahead of the US elections and Federal Reserve rate decisions also contributed to the market's woes.

In a special Diwali trading session at the BSE and NSE, the benchmark indices saw a modest recovery. However, broader concerns over stretched valuations and underwhelming corporate earnings continued to linger, deepening uncertainty and affecting investor sentiment.

(With inputs from agencies.)