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Nifty Crashes to 2-Month Low, ₹13 Lakh Crore Wiped Out in 2 Days!

ANM Bureau

Capital erosion across sectors impacts major indices and investor sentiment.

The Nifty 50 index fell sharply on Tuesday, reaching its lowest level since mid-August, as foreign investor selling continued across sectors.

The market saw a capital erosion of nearly ₹13 lakh crore over the past two sessions.

The Nifty 50 index tumbled by 309 points to close at 24,472, marking its lowest level since August 14.

This broad-based sell-off affected almost all stocks, with 48 out of 50 Nifty constituents ending in the red. Losses went as high as 4% for individual stocks.

Sensex and Midcap Indices Also Plunge

The BSE Sensex also felt the pressure, shedding 931 points to settle at 80,221. The Nifty Midcap index took a heavy hit, dropping 1,504 points to close at 56,174, down 5% in the last two sessions.

It has now corrected nearly 7% from its record high of 60,924, which it touched on September 24.

Public sector undertakings were not spared, with the PSU Bank index being the biggest loser, declining 4%.

Corporate Updates: Supreme Industries, Mazagon Dock, and Hyundai

In corporate news, shares of Supreme Industries plunged 10% after the company lowered its growth guidance for plastic pipe volumes from 25% to between 16% and 18%.

Meanwhile, Mazagon Dock Shipbuilders Ltd. announced a stock split at its board meeting, but shares closed 9.9% lower.

Hyundai Motor India fell by 7% as its much-anticipated IPO debut failed to excite the market. Analysts believe the valuation looks fully priced, dampening investor enthusiasm.

Despite market gloom, Paytm reported a net profit of ₹930 crore, a significant turnaround from its ₹290.5 crore loss in the same quarter last year.

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