New Delhi: The announcement made by the Reserve Bank on Wednesday to control inflation created an outcry in the stock market. Due to the sudden increase in the repo rate, the stock market investors lost Rs 6.27 lakh crore. The Reserve Bank has announced an increase in the repo rate by 40 basis points. This will make all types of loans expensive.
Reserve Bank Governor Shaktikanta Das announced an increase in interest rates by holding a press conference at 2 pm on Wednesday. After this, there was a flood of selling in the stock market. The BSE Sensex, based on 30 shares, fell 1,306.96, or 2.29 percent, to close at 55,669.03 points. This is its lowest level in the last two months. During trading, the Sensex had fallen by 1,474.39 points at one time.
The sharp drop in market capitalization
Due to this huge fall in the market, the market capitalization of listed companies on BSE declined by Rs 6,27,359.72 crore to Rs 2,59,60,852.44 crore. Among the Sensex companies, Bajaj Finance’s share was the biggest fall at 4.29 percent. While shares of Titan, Bajaj Finserv, IndusInd Bank, HDFC Bank, Reliance Industries, and Maruti were also in losses.
The 50-share NSE Nifty fell by 391.50 points or 2.29 percent. It closed down at 16,677.60. Nifty Bank closed at 35,264.55, down 899.20 points. On Wednesday, 2,454 shares fell on the NSE. While 825 stocks rose. Apollo Hospitals, Adani Ports, Hindalco Industries, Bajaj Finance, and Bajaj Finserv were the top losers of Nifty.
