The Indian stock market experienced a significant downturn on March 13, 2024. Here are some key factors that contributed to the crash:
• Excessive Valuations: There was a correction in the midcap and smallcap segments due to excessive liquidity that had driven up stock prices, often beyond their justified values based on earnings.
• Sectoral Decline: All sectoral indices ended in the red, with realty, media, PSU bank, telecom, power, oil & gas, and metals sectors witnessing over 5% declines.
• Heavyweights' Impact: Major stocks like Reliance Industries and NTPC saw sharp cuts, which added to the market's woes.
• Global Factors: Mixed performances in Asian markets and concerns over hot inflation in the US reduced the probability of an early rate cut by the Federal Reserve, affecting investor sentiment globally.
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It's important to note that market movements are influenced by a complex interplay of various factors, and the above points provide a snapshot of the prevailing issues on that particular day.