Indian markets hit a morose note on Monday as Sensex crashed over 1,400 points to 52,900 as of 11:35 am. Nifty, on the other hand, dropped over 276 points to 16,201.80 as of 10:30 am. As a result of the bloodbath on Dalal Street, investors lost Rs 5.67 lakh crore of their wealth.
Top losers in today’s market crash are the Bajaj twins, ICICI Bank, SBI and LIC. Bajaj twins, ICICI Bank and SBI dropped up to 4.02 per cent in early trade whereas LIC shares fell 3 per cent on the BSE.
Market cap of BSE-listed firms fell to Rs 246.14 lakh crore against Rs 251.81 core m-cap in the previous session. Markets logged a downward trend for the sixth day on June 12 amid negative global cues.
Soon after this news grabbed netizens’ attention, they used this opportunity to do what they do best—cull out hilarious memes. From reminiscing iconic shows like FRIENDS and Squid Game to sharing funny clips, here’s how the Internet reacted to the latest market crash:
On the global markets front, Asian shares tumbled on reports of worsening US inflation. US inflation went up from 8.3 per cent in April to 8.6 per cent in May.
Nikkei 225 index went down 2.6 per cent to 27,088.86 and Hong Kong’s Hang Seng also dropped 2.6 per cent to 21.245.99. While Shanghai Composite Index dropped 1 per cent to 3,252.58, South Korea’s Kospi dropped 2.8 per cent to 2,524.52.
But will the markets look as negative in the coming week as today? Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities says, “On the weekly charts, the index has formed a long bearish candle indicating further downtrend from the current levels. If the Nifty falls below 16,150, it could slip up to 16,000-15,850 levels. On the flip side, a fresh pullback rally is possible only after the 16,300 breakouts. Above which, the index could move up to 16,400-16,500.”