Stock Market Plunges, Investors Face Substantial Losses

Mumbai, 9th May 2024: The trading session on May 9, 2024 (Thursday) witnessed a significant downturn in the stock market, much to the dismay of investors. Initially opening within a limited range in the morning, market participants anticipated a potential upward trend. However, by 1 pm, the market took a sharp nosedive, catching many off guard.

In today’s trading, the Sensex plummeted by 1062.22 points or 1.45 percent to reach 72,404.17, reflecting a substantial decline. Similarly, the Nifty also experienced a notable drop, closing at 21,967.10, down by 335.40 points or 1.5 percent.

The repercussions of this market downturn were felt deeply by investors, with losses exceeding a staggering Rs 3 lakh crore.

While the stock market experienced turmoil, the rupee managed to maintain a relatively stable position against the dollar. Trading within a narrow range, the rupee opened at 83.49 and reached a high of 83.44 in the interbank foreign exchange market.

Closing at 83.50 (provisional) for the day, the rupee saw a marginal increase of 2 paise compared to its previous close. The previous day, it had closed at 83.52 against the US dollar, showing minimal movement.

Despite the volatility in the financial markets, the rupee’s resilience within this constrained range provides a glimmer of stability amidst the uncertainty.

Investors are now closely monitoring market developments and awaiting signals for potential shifts in trading patterns in the coming days.