Pre-Budget bloodbath sees wipeout of Rs 12 lakh crore investor wealth

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January 27, 2023
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Experts say the market is jittery ahead of two key events—Union Budget 2023-24 and the US Federal Reserve meeting; see it bouncing back after the Budget

Sunil Shankar Matkar

January 27, 2023 / 03:02 PM IST

Representative image.

The market succumbed to major selling pressure on January 27, with the benchmark indices falling nearly 2 percent despite a positive trend in global peers, as participants turned cautious ahead of key events next week – Union Budget 2023 and the US Federal Reserve meeting.

Bears took a strong lead for a second consecutive session, which resulted in a loss of Rs 11.75 lakh crore of wealth during 2 sessions, as the BSE market capitalisation fell from Rs 280.39 lakh crore, to 268.64 lakh crore as of 14:46 hours IST.

The mayhem

At the same time, the BSE Sensex plunged 1.93 percent, or 1,160 points, to 59,045, while the Nifty50 tanked 2.1 percent, or 375 points, to 17,517.

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