Indian Stock Market Crash Has Twitter Exploding With Noida Twin Towers Memes

Indian shares crashed this morning in the heels of weakness in the Asian counterparts as hawkish commentary from the US Federal Reserve chairman Jerome Powell spooked investors.

Powell’s 8-minute speech yesterday also saw $78 billion slashed off of the fortunes of America’s richest people. Billionaire Elon Musk lost $5.5 billion of his wealth, as per a Business Standard report.

Powell said that the US central bank would continue to take strong action through higher interest rates. At 09:16 IST, the Sensex was down 1,210.62 points or 2.06 per cent at 57623.25, and the Nifty was down 361.50 points or 2.06 per cent at 17197.40. The markets crashing, however, sent the memes soaring on Twitter.

The other things that crashed were the Noida twin towers yesterday; so predictably, a connection was made between the market crash and the nearly 100-foot-tall Supertech buildings tumbling down with a waterfall implosion. The demolition saw the tallest building-crash in India yet and was watched by thousands all over the country.

Shareholder’s wealth, reflected in the market cap of BSE-listed companies, fell by Rs 3.90 lakh crore to Rs 273.06 lakh crore.

Tech Mahindra, Infosys, Hindalco Industries, HCL Tech and Wipro, which count the US as their major market, were the worst hit on the Nifty, down 3-6 percent. Nestle India, Britannia and Apollo Hospitals were the few names to buck the trend to trade in the green.

All sectoral indices were trading in the red. IT stocks were among the biggest casualties, with the Nifty IT index falling more than 4 percent in the morning. Metals, banks and realty stocks, too, were hammered.

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