Indian stock market is going through a rough phase. Falling for the fifth consecutive month in February, the benchmark index Nifty 50 posted its longest monthly losing streak in 29 years (since 1996).
The selloff shows no signs of abating. On Monday, March 3, the 30-share Sensex slipped over 400 points in intraday trade, while the Nifty 50 declined by over half a per cent, nearing the 22,000 mark.
Nifty 50 hit its all-time high of 26,277.35 on September 27 last year. Considering Monday’s low of 22,005, the index has plunged 4273 points, or over 16 per cent, from its peak. The Sensex, on the other hand, has declined nearly 13,200 points, or 15 per cent, from its peak of 85,978.25 to hit Monday’s low of 72,784.54.
The cumulative market capitalisation of the BSE-listed firms has dropped to nearly ₹384 lakh crore from ₹478 lakh crore on September 27, making investors poorer by about ₹94 lakh crore in a little over five months.
