Gold and Silver Crash... Stock Market Also in Turmoil, Sensex-Nifty Plunge
Panic was witnessed in the markets on Thursday, from the stock market to the commodity market, right from the opening bell. While gold and silver prices crashed, the upward momentum in the Sensex and Nifty also came to a halt.
Gold and silver prices have crashed once again, and after two days of gains, the stock market also saw a sharp fall on Thursday. On the fourth trading day of the week, the Bombay Stock Exchange's 30-share Sensex slipped by more than 500 points within minutes of opening, while the National Stock Exchange's Nifty index also plunged by 150 points at the opening. Meanwhile, stocks of several major companies, including IndiGo, Zomato, and BEL, tumbled.
Major Fall in Sensex and Nifty
The stock market started trading on Thursday with a sharp decline. The BSE Sensex opened at 83,757.54, down from its previous close of 83,817.69, and then the pace of the decline accelerated suddenly. In just a few minutes, this 30-share index fell sharply by 500 points to the level of 83,313.
Like the Sensex, the NSE Nifty also looked in bad shape. This 50-share index opened at 25,755.90, a slight decline from its previous close of 25,776, and then, following the Sensex's trajectory, it suddenly fell by 164 points to the level of 25,612.90.
Negative Signals from Abroad
The Indian stock market was also receiving negative signals from abroad. Gift Nifty was trading down by more than 100 points. Meanwhile, Japan's Nikkei was down 500 points, Hong Kong's Hang Seng was down 350 points, and South Korea's KOSPI Index was down 180 points. The negative global sentiment also impacted the Sensex and Nifty.
These 10 Stocks Plummeted at the Opening
Amidst this sudden and significant decline in the stock market, shares of many large companies plummeted at the opening. IndiGo (2.30%), BEL (2%), and Eternal (2%), included in the BSE's large-cap category, were seen trading lower. Among mid-cap companies, TIndia (8%), Dixon (5%), UPL (3%), and Suzlon (2.10%) were also trading lower. In the small-cap segment, Radington (5%), TIMKEN (4.50%), and MCX (4.40%) also saw significant declines.
Other major stocks that experienced declines included Reliance, Bajaj Finance, Adani Ports, Tata Steel, and HDFC Bank, among others, which were trading in the red zone.
Gold and Silver Crash Again
It wasn't just the stock market; the commodity market also witnessed turmoil on Thursday. Gold and silver prices crashed on the Multi Commodity Exchange (MCX) at the opening. The price of 1 kg of silver with a March 5th expiry fell by more than ₹24,000 compared to the previous close, while gold with an April 2nd expiry also became cheaper by more than ₹2,400.
