Stock Market Faces Massive Crash as US Concerns Trigger Rs 3.17 Lakh Crore Loss in Just 3 Hours

Mumbai (The Uttam Hindu): Indian stock market opened in red on Tuesday. In the initial trade, selling was seen in PSU Bank, Financial Services, FMCG and Metal sectors of Nifty. Due to the strength of the US dollar, the rupee is continuously falling. The effect of which is clearly visible in the stock market. The second major reason is the fear before the decision of the Fed Reserve meeting, which is clearly visible in the stock market. On the other hand, more than Rs 3 lakh crore of investors have been lost.

The stock market was seen crashing on Tuesday. The Bombay Stock Exchange's major index is trading at 80,801.30 points, down 952.84 points at 12:17 pm. While during the trading session, the Sensex also reached the day's low level with 80,732.93 points. On the other hand, the National Stock Exchange's major index Nifty is trading at 24,379.50 points, down 288.75 points. While during the trading session, the Nifty had come down to 24,366.40 points, down by nearly 300 points.

Globally, markets are awaiting the results of the Federal Open Market Committee on Wednesday, market experts said. Experts said markets have already underestimated the 25 basis point rate cut and, therefore, the focus will be on the Fed chief's remarks. "Strong US services PMI at 58.5 per cent indicates a resilient economy, which is a positive sign for the market," experts said. In Asian markets, barring Japan, markets in China, Hong Kong, Bangkok, Seoul and Jakarta were trading in the red. In the US stock markets, the Nasdaq Composite and S&P 500 closed 1.24 per cent and 0.38 per cent up, respectively, in the previous trading session, while the Dow Jones Industrial Average closed 0.25 per cent down. Foreign institutional investors (FIIs) sold shares worth Rs 278.70 crore in India on December 16, while domestic institutional investors sold shares worth Rs 234.25 crore on the same day.