Stock Market Plunge: 14 Trillion Wiped in a Day, Small-Cap Index Drops 2,189 Points
Today, on March 13, a significant decline has been witnessed in the stock market. The Sensex dropped by 906 points and closed at 72,761. Nifty also saw a decline of 338 points, closing at 21,997.
Small and Mid-cap Indices Also Decline
Both the small-cap and mid-cap indices saw declines today. The small-cap index fell by 2,189 points (5.11%) to close at 40,641, while the mid-cap index dropped by 1,646 points (4.20%) to close at 37,591.
Jet Airways Leads Decline in Sensex Stocks
Out of the 30 stocks in the Sensex, 23 witnessed a decline while only 7 saw an increase. Jet Airways’ shares hit the lower circuit for the fifth consecutive day, increasing by Rs. 2.15 (5.00%) to close at Rs. 45.20.
Investors Face Losses of ₹14 Trillion
The market capitalization of the stock market stood at Rs. 385.64 trillion yesterday, which has now decreased to Rs. 371.69 trillion, resulting in a loss of ₹14 trillion in market capitalization.
BSE Small-cap Index Drops by 7% in the Last 5 Days
The BSE Small-cap index has witnessed a decline of more than 7% in the last five days. Following SEBI’s chairman’s concerns, there is pressure seen in mid-cap and small-cap indices. SEBI expressed concerns about the high valuations of small and mid-sized companies.
Expert’s Opinion on Market Bubble
It was stated, “Some people are calling this a bubble. It’s not appropriate to inflate these reports. If they continue to build and burst, it will affect the investors. This is not a suitable situation. The valuation of these companies does not reflect their fundamentals.”
Poor Listing of J G Chemicals in the Market
J G Chemicals had a poor listing in the stock market. It is listed on the NSE with a 5.43% discount at Rs. 209 per share and on the BSE with a 4.52% discount at Rs. 211 per share, while the IPO price was Rs. 221.
Market Witnesses Rally Yesterday
Yesterday, on March 12, the stock market witnessed a rally. The Sensex gained 165 points to close at 73,667, while Nifty also saw a rise of 3 points to close at 22,335.
