₹9 lakh crore gone in a day! Stock market selloff drive over 200 stocks to their 52-week lows

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The Indian stock market witnessed a broad, across-segment selloff on Tuesday, 15 September, which dragged the benchmarks, the Sensex and the Nifty, lower by more than 1% each and the mid and small-cap segments down by more than 2%, causing massive losses to investors.
The Sensex declined 778 points, or 1.04%, to end at 74,003.82, while the Nifty 50 settled with a loss of 280 points, or 1.19%, at 23,118.60, extending losses for the second consecutive session. The BSE 150 Midcap index crashed 2.17%, while the BSE 250 Smallcap index plunged 2.40%.
Sharp selloff dragged the overall market capitalisation of the firms listed on the BSE to ₹472.4 lakh crore from ₹481.6 lakh crore in the previous session, making investors poorer by over ₹9 lakh crore in a single session.
In two sessions of losses, investors have lost ₹11.3 lakh crore as the market capitalisation of BSE-listed firms was ₹483.7 lakh crore on Thursday, 10 September.
The across-the-board selloff brought as many as 215 stocks to their 52-week lows.
Reliance Industries, Aditya Birla Fashion and Retail, ACC, Ambuja Cements, Bank of Baroda, Bikaji Foods International, Cello World, CIE Automotive India, Havells India, ICICI Lombard General Insurance Company, IRCON, IRCTC, IREDA, and IRFC were among the stocks that hit their 52-week lows on the BSE.
Shrikant Chouhan, the head of equity research at Kotak Securities, said as long as the Nifty and the Sensex are trading below 23,250 and 74,300 levels, respectively, the correction is likely to continue.
"On the downside, they could slip to 23,000 and 73,700. Further downward movement may also continue, potentially dragging the index to 22,900-22,850 and 73,500-73,300. On the flip side, above 23,250 and 74,300, the pullback move could extend to 23,400-23,450 and 74,500-74,800," said Chouhan.
According to Riyank Arora, Associate Vice President – HNI and Derivatives at Hedged.in, the immediate support for Sensex is placed around 73,800–73,600, while resistance is seen near 74,200–74,500. A decisive move above the resistance zone would strengthen the short-term outlook.
For the Nifty, immediate support is placed around 23,050–23,000, followed by a stronger support zone near 22,850. On the upside, resistance is seen around 23,200–23,300, said Arora.
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