Market Tumbles Amid Concerns

Investors faced a significant setback on Monday as the stock market experienced a sharp decline. Concerns over third-quarter results and foreign fund withdrawals led to a massive loss of Rs 10.98 lakh crore in wealth.

Benchmark Indices Hit Hard

The 30-share BSE benchmark Sensex dropped by 1,258.12 points, closing below the crucial 78,000 mark. Similarly, NSE Nifty fell by 388.70 points, with the market capitalization of all BSE-listed companies decreasing sharply.

Widespread Impact Across Sectors

Stocks across various sectors, including Tata Steel, NTPC, and Reliance Industries, were among the hardest hit. The BSE smallcap and midcap indices also saw significant declines, with all BSE sectoral indices closing in the red.

Factors Driving the Market Down

Several factors contributed to the market's downturn, including foreign institutional investor (FII) selling, concerns over third-quarter earnings, and global economic uncertainties. Additionally, fears related to the new HMPV virus have added to the bearish sentiment.