On Thursday, as the trading session began on the stock market, a crash occurred. Both market indices plummeted. The BSE Sensex index, comprising 30 stocks, fell by more than 700 points from the opening, while the NSE Nifty index, moving in sync with the Sensex, also sharply declined. NSE Nifty lost over 200 points immediately after opening.
Amid this crash, many stocks, including shares of Reliance, HDFC Bank, Axis Bank, and Indigo, were in the red zone. Particular attention was drawn to the NSE IPO, which is set to debut at 10 am amidst this market turmoil.
At the start of trading on Thursday, the BSE Sensex opened at 74,272, lower than the previous close of 74,828. During the entire five-minute trading period, the Sensex began a rapid decline, reaching 74,120 with a drop of over 700 points.
As for the Nifty index, which consists of 50 stocks, it followed the example of the Sensex. Nifty opened at 23,221, below the previous close of 23,446, and then continued to fall, trading at 23,205, losing more than 200 points.
In the context of the stock market crash, shares of companies such as Reliance and HDFC Bank opened in the negative. Among the most heavily falling stocks in the BSE large-cap segment were Bajaj Finance Share (down 5%), Axis Bank Share (down 3.70%), Bajaj Finserve Share (down 3.50%), and Kotak Bank Share (down 2%).
A decline was also observed in the mid-cap category: Policy Bazar Share (down 10%), MFSL Share (down 9.10%), AU Bank Share (down 5%), IDFC First Bank Share (down 3.30%), and Yes Bank Share (down 2.60%).
Despite the devastating events in the stock market, the NSE shares debut will take place. This situation has caused concern among investors. It should be noted that the NSE IPO, valued at ₹22,561.57 crore, was open from September 17 to 21 and received a positive response from investors. Nevertheless, in the 'grey money' market, this IPO signals a sluggish listing, as the NSE IPO GMP is only about 2% just before listing.
The reasons for the stock market decline are linked to deteriorating sentiment in American and Asian markets. In the previous trading day, the Dow Jones fell by 250 points. This was due to US Treasury yields on twenty-year bonds reaching a two-decade high. Furthermore, crude oil prices continue to rise in the international market, trading above $100.