Bloodbath on D-Street: Sensex Crashes; Investors Lose 14 Lakh Crore | Here's Why

New Delhi: The Indian equities continued their downward fall on Monday. After opening gap down, Sensex and Nifty continued to plunge southwards. At the time of this report at about 3 pm, Nifty had broken the crucial support of 23,100 and was trading at 23,070.The 30-scrip BSE Sensex was down 1000 points trading at 76,314. 

All the sectors were trading in the red zone.

Zomato, the latest entrant to the Sensex, was among the biggest losers, plunging a whopping 6 per cent in intraday trade. It was followed by Adani Ports, Power Grid Corporation of India, Tata Steel, and NTPC, among others.

Only Axis Bank, Tata Consultancy Services, HCL Tech - whhich will be declaring the Q3 Result today were in green along with Hindustan Unilever and IndusInd Bank.

India VIX, the fear index rose 1.17 per cent at the time of this report, indicating volatility and fear on D-Street.

More weakness ahead? Expert weighs in

"The Nifty fell for the fifth session in six Friday, with a break of Thursday's so-called Tweezer bottom showing just how weak the market is. The area between 23177 and 23355 will continue to matter on the way down, while immediate resistance stands at 23600. Interestingly, even though the percentage of stocks in the Nifty above the 200-day average has fallen to 34, the 14-day momentum isn't oversold yet, which could mean more weakness could be ahead of us. For the day, let's watch 23238 on the downside which is critical," Akshay Chinchalkar, Head of Research at Axis Securities said.

Investors Lose 14 Lakh Crore; Here's Why 

Independent estimates pegged the overall loss at about Rs 14 lakh crore. While markets get jittery ahead of union budgets, rising inflationary pressures, increased oil prices, and consistent selling by the Foreign Institutional Investors (FIIs) are among the reasons contributing the market crash.

While markets get jittery ahead of union budgets, rising inflationary pressures, increased oil prices, and consistent selling by the Foreign Institutional Investors (FIIs) are among the reasons contributing the the market crash.