Stock Market Crash Has Internet 'Investing' in Memes As Sensex, Nifty See Bloodbath

Bears roamed freely down the lanes of Dalal Street today, casting a shadow over the bustling markets. The S&P BSE Sensex and Nifty50 indices took a significant tumble, sliding down by over 1 percent, while the broader indices witnessed a steep descent of up to 5 percent. The day unfolded with the BSE Sensex plummeting a staggering 1,152 points, only to settle 906 points lower at 72,762, marking a tumultuous journey. Similarly, the Nifty50 breached the 22,000 mark, hitting an intraday low of 21,906, before resting just shy of 22,000 with a loss of 338 points.

Adding to the gloom, the small-cap index bore the brunt of the storm, witnessing a sharp 5 percent decline, marking its most dismal performance since December 2022. Midcaps weren’t spared either, recording a 3 percent drop, while microcaps and SME stocks followed suit with around 5 percent losses each, signalling a pause in the broader market’s remarkable ascent.

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In the midst of this turmoil, the internet finds solace in memes, offering a lighthearted distraction on social media, reminding everyone that they’re not alone in weathering the market’s turbulent storms.

Check them out:

But what led to this market upheaval? Some attribute it to the bleeding across all sectors, as weakness seeped into the markets, with real estate and metals stocks bearing the brunt with a significant 6 percent decline, closely trailed by energy and PSU bank stocks.

Sebi’s stress test also looms large as a potential catalyst for the crash, with Chairperson Madhabi Puri Buch issuing a warning about frothy conditions in smallcaps and midcaps. After Sebi’s directive to mutual funds last month to safeguard the interests of smallcap and midcap investors, Buch cautioned against the burgeoning froth in the market, cautioning against irrational exuberance driven by soaring valuation parameters detached from fundamentals.

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Furthermore, profit booking in large-cap funds contributed to the downward spiral, compounded by the formidable resistance encountered by the Nifty index between 22,410 and 22,450, presenting a formidable challenge to any upward momentum.