Sensex Sinks 1,247 Points, Here's What Wiped ₹4.33 Lakh Crore Off Market Value?

Mumbai: Indian equities slumped on Thursday, September 24, as global bond yields, firmer crude and a stronger dollar weighed on risk appetite. The Sensex stood at 73,580.54 at 3:30 pm IST, down 1,247.71 points, or 1.67 percent.

The Nifty was at 23,063.10 at 3:31 pm, lower by 383.70 points, or 1.64 percent.

The Nifty breached 23,100 and its September 16 low of 23,116, surrendering the gains made after touching 23,489 earlier this week. More than 400 Nifty 500 constituents traded lower.

The combined market capitalisation of BSE-listed companies shrank by approximately Rs 4.33 lakh crore, from Rs 4,85,01,353.855 crore to Rs 4,80,68,443.14 crore. The figure marks a decline in quoted value, not an equivalent cash outflow.

Bond Yields Bite

The US 10-year Treasury yield climbed to about 5.13 percent, while the 30-year yield hovered near 5.4 percent. Higher bond returns can prompt investors to reassess equity valuations, particularly in emerging markets. A weaker Wall Street session on Wednesday added to the pressure.

Oil Risk Returns

Brent crude approached $106 a barrel after dipping below $100 earlier in the week. Higher oil prices threaten India's import bill and margins at fuel-sensitive companies. IndiGo, HPCL and BPCL each fell more than 2 percent.

Supply concerns persisted amid US-Iran tensions. Iranian President Masoud Pezeshkian told the United Nations that Tehran would not yield to US pressure, while disagreements over talks remained unresolved.

Dollar And Financials

The dollar index moved above 101, around a two-month high, potentially adding to rupee pressure and the cost of dollar-denominated oil. Some metal shares dropped as much as 3 percent.

Financials deepened the rout. Investors assessed an IRDAI consultation paper on insurance distribution for its possible effect on commissions and growth; PB Fintech and Turtlemint fell sharply.

The Nifty Bank shed more than 1,000 points, with Axis Bank and IndusInd Bank down around 5 percent. Monthly Sensex derivatives expiry and profit-taking amplified the volatility. Intraday lows of 23,046.15 and 73,563.92, respectively, underscored the breadth of persistent late-session selling.