Mumbai: The last trading day of the week saw turmoil in the Indian stock market on Friday. The 30-share Sensex of the Bombay Stock Exchange (BSE) fell as much as 900 points amid heavy selling. At the same time, the National Stock Exchange (Nifty) is also in a bad mood and is trading below 17,400, down over 200 points. Due to this crash in the stock market, the total market cap of the companies listed on BSE fell to Rs. 261.24 lakh crore has been reached. Because of this, investors lost three lakh crore rupees during the day’s trading.
As soon as the market opened this morning, the indices fell. The stock market started on the red mark on Friday and both the market indices broke down shortly after the market opened. Around 9.53 am, the BSE Sensex was down 903.95 (-1.51%) points at 58,907.18. At the same time, NSE’s Nifty also fell by 259.75 (-1.48%) points to settle at 17,329.85.
Due to this reason the stock market crashed
Shares of American bank SVB Financial Group (SVB Financial Group) fell 60 percent on concerns about financial stability, and the company’s market cap fell by $80 billion. Because of this, a huge breakdown has been seen in the stock markets of the world, including the US market, and the biggest breakdown has been seen in banking stocks. SVB Financial provides finance to startup companies. In addition, the market is trading with 78 percent probability that the US Fed may increase the interest rate by 50 basis points in the meeting to be held on March 21-22. Investors are currently awaiting jobs data due on Friday, which will determine how much the US Fed Reserve may raise interest rates at its next meeting.
Also the Indian stock market is collapsing due to the signals coming from the markets around the world. The Nasdaq closed down two percent. At the same time, the benchmark S&P 500 and Dow also closed down two percent on Thursday. This is the reason why Japan’s Nikkei was trading down 1.7 percent.