March 11, Wednesday, saw panic selling at the Indian stock market, leading to major falls in benchmark indices Sensex and Nifty.
The NSE Nifty 50 shed more than 394 points during the day, closing 1.63 per cent lower to close at 23,866.85, falling below the 24,000 mark. This meant that the benchmark shed 2,279.70 points (-8.72 per cent) year to date.
But it was the 30-pack Sensex that the bear clawed through. Falling 1.72 per cent (down 1,342 points) on Wednesday alone, the Sensex recorded a tragic 9.77 per cent slump year-to-date, i.e., it shed close to 8,325 points.
In intraday trade, the biggest loser in the Sensex was Bajaj Finance, followed by Axis Bank, Bajaj Finserv, Mahindra, and Maruti. NTPC and Sun Pharma were the sole gainers.
Major sectoral indices were also down: BSE Bankex fell 2.67 per cent, Bank Nifty fell 2.13 per cent, and Nifty Auto slipped 3.15 per cent.
The ongoing Middle East crisis and developing conditions in trade in line with that added to investor fears. The latest slump also shaved off gains from Tuesday's recovery run. It is estimated that the latest slide eroded around ₹6 lakh crore of value from the Indian stock markets.