Nifty crashes 500 points in 3 days; Rs 7 lakh crore loss to Investors

Last week, the Sensex, India’s leading equity index, embarked on an impressive 11-day winning streak, a feat not witnessed since 2007. However, the recent turn of events has seen the Sensex plummet by over 1,600 points in a mere three days, causing Dalal Street investors to incur losses of approximately Rs 5.4 lakh crore.

On Monday, the Sensex recorded a loss of 242 points, followed by a substantial decline of 796 points on Wednesday. Thursday saw a further drop of over 570 points, resulting in a cumulative loss of 1,608 points for the week. The market remained closed on Tuesday due to the Ganesh Chaturthi festival.

During the past five trading sessions, the market experienced corrective declines in four of them. Additionally, the trading range expanded as Nifty fluctuated within a 537-point range over the week. Ultimately, the headline index concluded the week on a negative note, with a weekly loss of 518 points, equivalent to a 2.57% decline.

Looking ahead, market participants anticipate the monthly derivatives expiry scheduled for the following week, with the upcoming sessions expected to be influenced by rollover-centric activities. Notably, the level of 20,200 has now established itself as an intermediate peak for the Nifty index.