Share Market News: Sensex-Nifty Witnesses Sharp Decline Due To Rising Corona Cases

22 Dec, 2023 Author: Ayushee Joshi

Share Market Today: On Wednesday, the Sensex and Nifty saw a significant decline following an all-time high. The NSE dropped below 21,150, and the Sensex dropped by over 1,000 points. Early in the trading session, the Nifty hit a new record high of 21,593 and the Sensex surged 476 points to an all-time high of 71,913. Approximately Rs 9 lakh crore of the BSE market capitalization was lost as a result of the stock market decline. The wealth of investors decreased by Rs 8.94 lakh crore today to Rs 350.17 lakh crore, from Rs 359.11 lakh crore in the previous session, according to BSE M-Cap.

Sudden Rise in Corona Cases

Nifty PSU Bank, Nifty Metal, and Nifty Auto underperformed on the NSE platform, falling 3.66 percent, 3.67 percent, and 2.18 percent, respectively. All 15 NSE sectors were observed trading in the red. The Covid sub-variant JN.1, which was initially discovered in Kerala, is the cause of the rise in cases. It is thought that a rise in COVID-19 cases in the nation and profit booking by higher levels is the cause for the stock market’s downturn.