Stock market crashed due to weak global cues, Sensex slipped 872 points

Mumbai: Tuesday’s trading session was a loss for the Indian stock market. The market witnessed a decline all around. At the end of trading, the Sensex closed at 81,186.44 with a decline of 872.98 points or 1.06 percent and the Nifty closed at 24,683.90 with a weakness of 261.55 points or 1.05 percent.

Along with largecap, midcap and smallcap also witnessed a big decline. The Nifty Midcap 100 index fell 922 points or 1.62 percent to 56,182.65 and the Nifty Smallcap 100 index was at 17,483 with a weakness of 166.65 points or 0.94 percent.

Weak global signals are believed to be the reason for the fall in the stock market. Most Asian markets along with US stock market futures were in the red. All sectoral indices have closed in the red. Auto, Financial Services, FMCG, Metal, Media, Energy and Pharma were the top losers in the Sensex pack.

Eternal (Zomato), Maruti Suzuki, M&M, UltraTech Cement, Power Grid, Nestle, Bajaj Finance, HUL, Bajaj Finserv, Asian Paints, SBI, Tech Mahindra and Titan were the top losers in the Sensex pack.

Only Tata Steel, Infosys and ITC were the top gainers in the BSE benchmark. Another reason for the decline in the market is the rise in the bond yield of the Japanese government. The yield of 20-year bonds has reached its highest level since 2000. At the same time, the yield of 30-year bonds is at a record level, raising concerns about Japan’s economy. Along with Japan, the bond yield of the US and other developed countries is also falling.

The stock market started with a slight decline. At around 9.31 am, the Sensex was trading 40.79 points, or 0.05 per cent, lower at 82,018.63, while the Nifty was down 22.10 points, or 0.09 per cent, at 24,923.35.

According to provisional data from the NSE, foreign institutional investors (FIIs) sold equities worth Rs 525.95 crore on May 19, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 237.93 crore.