BSE’s Sensex came crashing down 1020.80 points or 1.73 per cent to close at 58,098.92 while its broader peer, NSE’s Nifty, fell 302.45 points or 1.72 per cent to end at 17,327.35 points, coming as they did following the US Fed Meeting comments as the rates may further come down by 75 basis points in its next meeting as well.
This came as a shock to the traders at the Indian stock market, leading to fall in domestic indices, said experts.
As a result, the Traders lost Rs 5 lakh crore with Banks and Financial Services dumping their stocks with Nifty Bank losing around 2 per cent and Dalal Street’s favorite HDFC also incurring losses.
Ever since the Indian stocks worth over Rs 51,000 crore were bought by FII last month, the flow has been reducing last month. So far in the month, the FIIs have invested only Rs 10,865 crore through the stock exchange route. On Thursday, Indian equities worth over Rs 2500 crore were sold.
In keeping with Central Banks in other countries, Reserve Bank of India is also expected to hike interest rates by 50 basis points in its meeting scheduled next week on Sept 30.
