Investors’ wealth tumbled over Rs 6.47 lakh crore in two days of market crash amid weak cues from international markets.
On Monday, BSE benchmark Sensex dived 617.26 factors or 1.08 per cent to finish at 56,579.89. During the day, it plummeted 840.28 factors or 1.46 per cent to 56,356.87.
On Friday, the Sensex tanked 714.53 factors or 1.23 per cent to settle at 57,197.15.
The two-day fall in equities worn out Rs 6,47,484.72 crore, bringing the market capitalisation of BSE-listed companies to Rs 2,65,29,671.65 crore.
“Indian markets extended losses after taking cues from its Asian peers. Nifty opened lower and remained under selling pressure throughout the day,” stated Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
“We expect markets to remain volatile amid worries about inflation and its impact on corporate earnings, while also fuelling concerns over aggressive US Fed rate hikes in the near term,” he added.
On Monday, Tata Steel, Tech Mahindra, NTPC, Titan, Reliance Industries, ITC, Larsen & Toubro and Sun Pharma have been among the many main laggards within the Sensex pack, shedding as a lot as 4.47 per cent.
In distinction, HDFC Bank, ICICI Bank, HDFC, Kotak Mahindra Bank, Nestle, Maruti Suzuki, Bharti Airtel and Axis Bank completed as much as 0.75 per cent greater.
In the broader markets, the BSE smallcap gauge misplaced 1.88 per cent whereas the midcap index dropped 1.86 per cent.
“Global markets have been painted purple attributable to below-par earnings outcomes, including contemporary issues to elevated inflation, oil costs, battle uncertainties and provide problem. Fear of waning demand attributable to extended Covid lockdown in China led to grease costs tumbling.
“Continued FII selling in India along with other global uncertainties is favouring bear trend in the short-term,” stated Vinod Nair, Head of Research at Geojit Financial Services.
Source: www.financialexpress.com”