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Investors became poorer by over Rs 6.27 lakh crore on Wednesday as markets crashed after the Reserve Bank of India (RBI) hiked the policy rate by 40 bps in a surprise move.
An off-cycle hike in repo rate by the RBI spooked equity indices with the benchmark BSE sensex crashing over 1,300 points. Both the indices fell over 2 per cent each after the RBI raised benchmark lending rate to 4.40 per cent to contain inflation.
The 30-share BSE benchmark Sensex tumbled 1,306.96 points or 2.29 per cent to settle at 55,669.03. During the day, it plummeted 1,474.39 points or 2.58 per cent to 55,501.60. While, the broader NSE Nifty settled 392 points or 2.29 per cent lower at 16,678.
In tandem with the slump in equities, the market capitalisation of BSE-listed firms tumbled Rs 6,27,359.72 crore to stand at Rs 2,59,60,852.44 crore.
Micro-blogging platform Twitter exploded with memes post the stock market crash.
*RBI increases Repo rate Stock Market- https://t.co/geA9SIBbfy— Khushbu Gupta (@CA_Khush_) 1651655844000
Stock market after RBI hiked the repo rate and reverse rate by 40 basis point – https://t.co/fKNODd8ero— Niti (@_niti_18) 1651664002000
After today’s market…😂😂#nifty #sensex https://t.co/f4ye8BZDI6— Raj Kamble ☀️ (@KAMBLERAJ) 1651658172000
Why markets crash in May ?#StockMarketindia #RBI https://t.co/bGXEi1vthB— Tanzim Shaikh (@TanzimShaikh_) 1651657066000
RBI Governor After Nifty (-400) https://t.co/ZIdSmhagKB— Ayushi Chky (@kuttrapali26) 1651659157000
Bulls after rate hike :)#inflation #rbigovernor #stockmarkets https://t.co/IyYdhq41if— anshul gupta (@anshgupta64) 1651655941000
Retailers to #Sebi #StockMarketindia #BSE#NSE https://t.co/bcyR7SbUtD— you don’t know me (@debi_sahoo) 1651656380000
Everytime I open my portfolio 🥺#cryptotrading #marketdump #stockmarkets https://t.co/RmbToisohW— Ashkrit (@ShuklaAshkrit) 1651377971000
Never buy on dip, because it could well be new peak
“Buy on Dip” wale Investors 😬😂🥲#StockMarketindia #inflation #nifty https://t.co/51KkZty4Rg— श्रावक CA (@ShravakC) 1651658451000
Investor’s explaining their “Buy on Dip” story #StockMarketindia #nifty #rbi https://t.co/HNqTGm83M3— श्रावक CA (@ShravakC) 1651654804000
Meanwhile LIC, which opened its IPO for retail investors today..
LIC to RBI right now. https://t.co/T3fGTdCg4d— Azhar.One97 (@zhr_jafri) 1651656449000
LIC to RBI 😂😂😂shared from stockmarket infomania https://t.co/MKWMgfdXwB— Money Magnet (@MyMoney_Magnet) 1651657477000