Stock Market Crash: Share Market Witnesses Massive Loss of Rs 21 Lakh Cr in 6 Days

27 Oct, 2023 Author: Ayushee Joshi

Share Market News: The stock market had a very rough start to the week. The market fell sharply from October 23 to October 25, with the Sensex and Nifty closing down for the fifth day in a row. On October 17, the BSE's market capitalization was Rs 3.29 lakh crore. This value was Rs 3.26 lakh crore on October 18 and October 19, Rs 3.24 lakh on October 20, and Rs 3.16 lakh on October 23 and 25.

Reasons Behind the Downfall

One of the reasons is the ongoing conflict between Israel and Hamas. Important technical levels were broken by the Nifty, and below the 100 DEMA, midcap and smallcap are seeing robust selling. This week’s midcap declines were 11% in Welspun, 10% in Central Bank, 10% in Bank of India, 9.8% in IRB Infra, 9.6% in EIL, 9.6% in JSW Energy, and 9.5% in Gujarat Pipavao. Tata Communications is down 8%, while IDBI Bank is down 8%. Smallcap stocks have also fallen in the recent week. During this time, MMTC has dropped 27%, HFCL has down 14%, BoM has dropped 14%, Mazagon Dock has dropped 14%, MRPL has dropped 13%, and Sunteck Realty has dropped 13%.