Investors Lose Rs 13.30 Lakh Crore In Four Days Of Market Crash
Equity investors' wealth has tumbled by over Rs 13.30 lakh crore in four days of market plunge amid a sharp sell-off in global markets.
Falling for the fourth straight day, the 30-share BSE Sensex tanked 953.70 points or 1.64 per cent to settle at 57,145.22. During the day, it plummeted 1,060.68 points or 1.82 per cent to 57,038.24.
In four days, the BSE benchmark has slumped 2,574.52 points or 4.31 per cent.
The market capitalisation of BSE-listed firms tumbled Rs 13,30,753.42 crore in four sessions to reach Rs 2,70,11,460.11 crore.
"Domestic equities have corrected by more than 4 per cent over the last four trading sessions as global uncertainties dominate market sentiments. A short bounce or reversal can be seen following this intense selling.
"However, the overall narrative of the market remains weak, especially following the cautiousness ahead of the RBI MPC due later this week," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
On Monday, Maruti, Tata Steel, ITC, Axis Bank, NTPC, Bajaj Finance, IndusInd Bank and Mahindra & Mahindra were the major laggards among the 30-share Sensex pack HCL Technologies, Asian Paints, Infosys, UltraTech Cement, TCS, Nestle and Wipro were the gainers.
In the broader market, the BSE smallcap gauge tumbled 3.33 per cent and midcap index fell by 2.84 per cent.
All the BSE sectoral indices, except IT, ended lower, with realty falling 4.29 per cent, auto (3.86 per cent), utilities (3.72 per cent), power (3.71 per cent), commodities (3.32 per cent), energy (3.17 per cent), oil & gas (3.10 per cent) and telecommunication (2.97 per cent).
"The speed with which central banks across the globe are hiking interest rates, investors are worried that slackening growth would push key economies into recession.
"With the monetary policy decisions on the anvil, rate-sensitive stocks like banking, realty and auto crumbled badly as rate hikes could dent demand going ahead," said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
However, due to markets being in oversold territory, we could witness a quick pullback rally, he added.
A total of 2,925 firms declined, while 660 advanced and 122 remained unchanged on Monday.Â
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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