- Sensex crashes 1,414 points, closing at 73,198.10; Nifty ends at 22,124.
- February sees market capitalization erode by over ₹40 lakh crore.
- HDFC Bank is the only Sensex stock in the green, gaining 1.50%.
The Indian stock market witnessed a steep decline on February 28, marking a disastrous end to the month. Both Sensex and Nifty plummeted nearly 2%, erasing massive investor wealth.
Adding to the turmoil, Nifty declined for the fifth straight month, while Midcap and Smallcap indices hit 8-month lows. The broader market saw widespread panic, as investors scrambled to safeguard capital.
Title 2: Sensex Tanks 1,400 Points as Market Volatility Sparks Panic
The Indian stock market’s February Friday fever wiped out billions in investor wealth, continuing a months-long downtrend. Nifty and Sensex faced one of their worst sessions, with relentless selling pressure across sectors. The sharp decline follows global uncertainties and concerns over domestic liquidity, adding to the market’s woes.
Sectors like Auto and FMCG led the decline, with Nifty Auto sinking 10% to a 10-month low. Realty stocks also suffered, dragging the index to a one-year low. The broader market followed suit, with Midcap and Smallcap indices tumbling over 3%.
The IT sector wasn’t spared either, with Mphasis and LTIMindtree pulling the index to a 6-month low. Energy stocks saw their fifth consecutive month of decline, touching a 14-month low, as global crude oil price fluctuations added uncertainty.
Despite the turmoil, HDFC Bank managed to shine, gaining 1.50%, supported by its plans to expand its loan securitization business. This resilience was driven by strong management commentary and a growth outlook that provided some relief to the banking sector.
While February ended on a disastrous note for the stock market, March will be crucial in determining whether investor sentiment can recover. The continued sectoral decline and weak global outlook may keep markets volatile in the near term.
“The stock market is filled with individuals who know the price of everything, but the value of nothing.” – Philip Fisher
