This is the reason why the Sensex has lost almost 1,000 points today.

At the time of writing this copy, the Sensex was down 966.85 points or 1.61% at 59,238.21 and smelly was down 307.85 points, or -1.72%, at 17,584.10.

The major reasons for the heavy fall in the markets are as follows:

pre-budget jitters

Market usually trades down before budget day Because investors are jittery in anticipation of the budget policies.

According to a report by Samco Securities, the markets do not do well before the budget due to fear and anxiety among investors, but on an average the Nifty moves up after the budget day.

Adani’s shares broke

All seven shares of Adani Group declined for the second straight day today after the release of Hindenburg Research report alleging ‘fraud’. Adani’s seven companies loss 2.83 lakh crore market-cap as of 13:00 IST

five on friday Adani Group Shares such as Adani Enterprises, Adani Total Gas, Adani Transmission, Adani Green Energy and Adani Ports & SEZ hit the lower circuit.

Adani Enterprises FPO (Follow-on Public Offer) opened today after a massive hit in Adani Group shares.

Banking stocks are bleeding

Each of the Sensex-listed banking stocks declined between 1.5%-5%, while SBI was the top loser at 5%. Nifty Bank Index is down around 3% today and Nifty PSU Bank Index is down around 5% today.

FII escape

Foreign investors have been net sellers in January so far. In fact, foreign institutional investors (FIIs) continued selling in Indian equities for 16 consecutive days. 23,800 crores. FII was a net sell on Friday 5,977.86 crore while the net purchase of DIIs stood at 4,252.33 crores.

economic growth forecast

India’s GDP growth is expected to slow to 5.8 per cent in 2023 due to high interest rates and global economic slowdown, the United Nations said on Wednesday.

The World Economic Situation and Prospects 2023 report states that world output growth is projected to decline from an estimated three percent in 2022 to 1.9 percent in 2023, one of the lowest growth rates in recent decades, indicating “serious and is in the form of a reciprocal series”. Strong shocks – the COVID-19 pandemic, the war in Ukraine and the resulting food and energy crisis, rising inflation, debt crunch, as well as the climate emergency – battered the world economy in 2022″, reported PTI.