Stock market mayhem wipes out Rs 12.87 lakh cr from investors' wealth
New Delhi (PTI): Equity investors' wealth eroded by Rs 12.87 lakh crore on Thursday as stock markets went into a tailspin, with the benchmark Sensex plunging over 3 per cent, pressured by a spike in crude oil prices due to increasing attacks on energy infrastructure in West Asia.
Investors have lost over Rs 37 lakh crore since the West Asia crisis erupted on February 28.
Snapping its three-day winning run, the 30-share BSE Sensex tanked 2,496.89 points or 3.26 per cent - its biggest single-day plunge since June 2024 -- to settle at 74,207.24, a level not seen since April 7, 2025. During the day, it dived 2,753.18 points or 3.58 per cent to 73,950.95.
The market capitalisation of BSE-listed companies dived sharply by Rs 12,87,273.89 crore to Rs 4,26,13,557.95 crore (USD 4.61 trillion) in a single day.
"Indian equity markets witnessed a sharp reversal today, breaking their three-day recovery rally and closing significantly lower, with benchmark indices declining by nearly 3.3 per cent.
"The sell-off was largely driven by a fresh escalation in geopolitical tensions in the Middle East, where renewed strikes between Israel and Iran targeting critical oil and LNG infrastructure have reignited concerns over global energy supply disruptions," Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
Brent crude, the global oil benchmark, soared 6.21 per cent to USD 114 per barrel.
"The sharp rise in crude oil prices, driven by escalating tensions in the Middle East and concerns over supply disruptions, pushed prices closer to the USD 119 mark, adding to the negative sentiment. Furthermore, a hawkish stance from the US Federal Reserve, along with continued foreign institutional investor outflows, weighed heavily on market sentiment," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
From the 30-Sensex firms, Eternal, Bajaj Finance, Mahindra & Mahindra, HDFC Bank, Larsen & Toubro and InterGlobe Aviation were among the major laggards.
HDFC Bank dropped 5.13 per cent after its chairman, Atanu Chakraborty, resigned, citing ethical concerns.
BSE MidCap Select index tumbled 3.34 per cent and SmallCap Select index dropped 2.77 per cent.
All sectoral indices ended lower. Auto dived 4.07 per cent, followed by realty (3.79 per cent), financial services (3.66 per cent), consumer discretionary (3.62 per cent), BSE Top 10 Banks (3.53 per cent), industrials (3.49 per cent), services (3.44 per cent), BSE Focused IT (3.41 per cent) and consumer durables (3.38 per cent).
A total of 3,192 stocks declined, while 1,051 advanced and 161 remained unchanged on the BSE.
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VP, PM greet civil servants on Civil Services Day
New Delhi (PTI): Vice President C P Radhakrishnan and Prime Minister Narendra Modi on Tuesday greeted civil servants on the occasion of Civil Services Day and said it is time to further strengthen the resolve to work towards good governance and nation building.
The Vice President said as the enduring pillar of India's administrative framework, the efforts of the civil servants in strengthening governance and delivering public services are of immense significance.
The prime minister said from the grassroots to policy-making, the efforts of civil servants touch countless lives and contribute to India's progress
"On the occasion of Civil Services Day, I extend my warm greetings to all civil servants and convey my sincere appreciation for your dedication and exemplary service to the nation," Radhakrishnan said in a post on X.
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He said the theme for this year, "Viksit Bharat: Citizen-Centric Governance and Development at the Last Mile", aligns with the vision of Viksit Bharat 2047 and underscores the Government's commitment to transparent, accountable, and citizen-centric governance, with a strong emphasis on last-mile delivery and inclusive development.
"Let us all celebrate the day and continue to work collectively towards building an inclusive and developed India," he said.
The Vice President will deliver the keynote address at the Civil Services Day celebrations at Vigyan Bhawan here on Tuesday.
In his message, Modi greeted all civil servants on Civil Services Day and said this is an occasion to further strengthen the resolve to work towards good governance and nation building.
"May our civil servants continue to serve with excellence, compassion and innovation, upholding the highest standards of duty," he said.
The prime minister said service to the nation is the foundation of a 'Developed India'.
"On the glorious occasion of Civil Services Day, let us reaffirm our resolve to build a strong, prosperous, and sensitive India by bringing the person standing at the last line into the mainstream of development," he said.
The central government celebrates April 21 every year as 'Civil Services day' as an occasion for civil servants to rededicate themselves to the cause of citizen and renew their commitments to public service and excellence in work.
This date is chosen to commemorate the day when the first Home Minister of Independent India, Sardar Vallabhbhai Patel, addressed the probationers of Administrative Services Officers in 1947 in Delhi, and referred to civil servants as the 'steel frame of India'.
