After India became the world’s fourth largest stock market, Dalal Street experienced a sell-off with the Sensex falling over 1,000 points and the Nifty cracking over 1%. The broader market also saw a decline, particularly in mid and smallcap indices. This resulted in investors losing about Rs 8 lakh crore in market capitalisation of all BSE-listed stocks. Despite positive momentum in global markets, banks, oil and gas stocks, FMCG, and metals experienced a downside, while pharma and IT sectors saw buying activity.
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