• Source:JND
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Stock Market: Domestic benchmark Sensex fell by nearly 942 points to its lowest level in three months, with heavy selling in Reliance Industries and banking stocks, while the Nifty fell more than 1% to close below 24,000. The 30-share BSE Sensex fell 941.88 points, or 1.18 per cent, to 78,782.24, its lowest closing level since August 6. During the day, it fell 1,491.52 points, or 1.87 per cent, to 78,232.60 points.

Investors lost more than Rs 7 lakh crore in intraday trade

On Monday morning, the BSE Sensex fell by 1,300 points in early morning trade, triggering a sharp decline in equity markets and reducing investor wealth by over Rs 7.37 lakh crore. Reliance Industries dragged down the markets, while capital outflows from foreign investors also contributed to the decline. Investors are also cautious ahead of the US presidential election and the US Federal Reserve's interest rate decision, which is expected to be announced later this week.

At around 11:14 am, the BSE benchmark 'Sensex' fell by more than 1,300 points and settled near 78,400 points. The market capitalization of BSE-listed firms fell by Rs 7,37,744.54 crore to Rs 4,40,72,863.01 crore (US$5.24 trillion) on weaker equity trends. The NSE Nifty fell 309 points or 1.27 per cent to 23,995.35.

Reasons for today's stock market crash

- Analysts said that uncertainty ahead of the US presidential election on November 5 and expectations of a new Chinese stimulus package to boost growth triggered a sell-off in Indian stocks.
- Relentless selling by foreign investors also dampened sentiment in the equity market.
- According to exchange data, foreign institutional investors offloaded equities worth Rs 211.93 crore on Friday. Foreign investors pulled out a massive Rs 94,000 crore (about US$11.2 billion) from the Indian stock market in October, making it the worst month ever in terms of outflows due to high domestic equity prices and attractive appreciation of Chinese stocks.

Major losers

Adani Ports, NTPC, Bajaj Finserv, Sun Pharma, Reliance Industries, Tata Motors, Axis Bank and Titan were the major laggards from the 30-share Sensex pack. Mahindra & Mahindra, State Bank of India, Tech Mahindra, HCL Technologies, Infosys and IndusInd Bank gained.