Stories
Nifty Plunges Below 23,100, PB Fintech Sees Record Fall Amid Market Sell-off
- •Indian stock market experienced a sharp decline on Thursday, with Nifty falling below 23,100, its lowest level since June 11.
- •Nifty is now trading at its lowest point since April 7, with all sectoral indices in the red and Nifty Financials leading the decline.
- •More than 400 shares in Nifty 500 are trading lower, with Axis Bank, Reliance, and Bharti Airtel significantly contributing to Nifty's fall.
- •PB Fintech shares saw a record single-day fall, wiping out over ’25,000 crore from the company's market capitalization.
- •Rising crude oil prices (Brent crude above $106 per barrel) and increasing US bond yields are contributing to the selling pressure in the market.
Key Questions Answered
Selling pressure increased in the Indian stock market, pushing the Nifty below the 23,100 level for the first time since June 11. The decline was driven by heavy losses in key contributors like Axis Bank, Reliance, and Bharti Airtel, alongside broader pressures from rising crude oil prices and surging US bond yields.
PB Fintech shares experienced a massive and record single-day fall, heading for their biggest drop ever amid heavy selling pressure. This sharp decline wiped out more than ₹25,000 crore from the company's market capitalization, with insurance company stocks overall feeling the pinch of a new IRDAI draft paper.
Brent crude rose by about 2% to surpass $106 per barrel, representing an increase of nearly 8% from its previous low. This surge in oil prices exerted downward pressure on the market, causing shares of companies like IndiGo, HPCL, and BPCL to decline by more than 2%.
