Investment Bloodbath: Rs 5.4 Lakh Cr Wiped Off Stock Market; Bitcoins Lose 50% Value!
There is an unprecedented dip in stock markets around the world which has even impacted the value of bitcoins, cutting it in half.
Starting Friday, the world is witnessing an investment bloodbath, which is unprecedented in its nature.
Indian Stock Markets lost Rs 5.4 lakh crore within few seconds, while bitcoins lost 50% of its value, as it touched $6000 mark in the last 24 hours.
On Tuesday, Indian stock market recovered a little, but trading is at a standstill, investors are still trying to gauge the market sentiments.
What exactly caused this massive dip in charts? Why is every investment graphic smeared with red?
Indian Stocks Rock Bottom: Rs 5.4 Lakh Crore Wiped Off!
On Tuesday, BSE Index nosedived by 1200 points in the opening trade session, while NSE Index lost 168 points.
The dip in the market started on Friday, when Dow Jones Industrial Average sank 1100 points on rumours of higher inflation as job growth improved, all over the nation. This massive dip was the highest since August 2011, and stock markets across the globe felt the heat.
On Tuesday, Japan’s Nikkei 225 index dropped by 5.6%; Hong Kong’s Hang Seng index lost 4.4% points; Australia’s benchmark S&P ASX 200 was down by 2.9%; South Korea’s Kospi declined 2.9% and Shanghai Composite index lost 2.2% points.
Indian Stock Market, which was trying to cope with Union Budget’s decision to increase the capital gain tax, couldn’t absorb this massive dip in Dow Jones Industrial Average, and investors panicked, which continued on Monday, and Tuesday as well.
As a result, Rs 5.4 lakh crore of investors’ money was wiped off, leaving stock market analysts stunned and shocked.
In terms of percentage, these were the top 4 stocks which experienced maximum fall in stock value on Tuesday:
- Omkar Speciality down by 19.99% fall, highest in terms of percentage.
- MK Proteins Ltd down by 19.25%.
- Nakoda Ltd down by 11.11%, which is a volume of 292.53 points.
- Dolphin Offshore was down by 10.54%
In terms of points, these were stocks which underwent a tsunami:
- MRF, compared to Monday, saw a sharp fall of 2365.10 points.
- Page Industries was down by 874 points
- Eicher Motors witnessed drop of 837 points
- Shree Cements down by 690.65 points
- Honeywell Auto down by 504.25 points
Due to this global meltdown of stock markets, world’s 500 richest persons lost collectively $114 billion in the last 48 hours.
Bitcoins Lose 50% Of Their Value!
Meanwhile, digital currencies too were impacted due to the global erosion of wealth, as cryptocurrency investors started selling their assets, which resulted in a massive drop in values.
After hitting a high of $20,000 in December, bitcoins touched their lowest $6000 valuation on Tuesday, which means they lost more than 50% of their value this year.
On the Luxembourg-based Bitstamp exchange, bitcoins was briefly traded at $5920, which was their lowest value since November 2017.
Right now, bitcoin has recovered slightly and is being traded at $7393.
NSE Index has opened to positive and is up by 0.07% at the time of writing.
BSE Index too is up by 1.55% at the time of writing.
We will keep you updated as we receive more inputs.