Investors’ wealth tumbled over Rs 7.73 lakh crore as markets prolonged their downtrend for the second straight session on Monday following weak point in world equities.
The 30-share BSE Sensex settled 364.91 factors or 0.67 per cent decrease at 54,470.67 on Monday. The Sensex dived 866.65 factors or 1.56 per cent to complete at 54,835.58 on Friday.
The two-day stoop in equities eroded Rs 7,73,582.29 crore from the market capitalisation of BSE-listed corporations, which now stands at Rs 2,51,91,307.08 crore.
Weakness in world markets, unabated overseas fund outflows and the rupee plunging to its life-time low in opposition to the US greenback have weighed on sentiment.
“There seems to be no respite for the markets from the bear hug as the weak Asian gauges and fall in European indices dampened the investors’ sentiment. Post the results, Reliance Industries came under severe hammering, which dragged the overall markets,” mentioned Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
Reliance Industries was the highest drag on the Sensex pack on Monday, dropping 3.97 per cent, after the corporate’s March quarter earnings didn’t cheer traders.
Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd, mentioned, “Indian equity market continued with its sell-off in line with global peers on the back of slowing economic growth and rising inflationary concerns. Global cues were weak amidst concerns over aggressive monetary tightening by central banks to overcome soaring inflation which could slow down the economic growth. Further Covid induced lockdown in Shanghai further dampened the sentiments.” World shares remained underneath strain on rising considerations about rate of interest hikes by central banks amid cussed inflation.
Foreign institutional traders continued their promoting spree, offloading shares value a web Rs 5,517.08 crore on Friday, in keeping with inventory change information.
In the broader market, the BSE smallcap gauge declined 1.67 per cent and the midcap index dipped 1.89 per cent.
Source: www.financialexpress.com”