Investors’ net worth declined by more than Rs 4.90 lakh crore on Friday amid a sharp decline in the stock.
The 30-share BSE Sensex tanked 1,020.80 points or 1.73 percent to settle at 58,098.92. During the day, it fell 1,137.77 points or 1.92 percent to 57,981.95.
The market capitalization of the BSE-listed companies plunged by Rs 4,90,162.55 crore to Rs 2,76,64,566.79 crore on Friday.
This is the third day of decline for the stock market and the BSE benchmark is down 1,620.82 points or 2.71 percent over the period.
In three days, investor wealth has eroded by Rs 6,77,646.74 crore.
“With the latest round of interest rate key work by the US central bank, investors have become risk averse and are dumping equities at will. Traders are also concerned about the escalation of the Russia-Ukraine conflict, prompting them to exit equities and funds in safe-haven dollar assets,” said Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities Ltd.
Under the Sensex 30-stock package, Power Grid fell 7.93 percent. The other big laggards were Mahindra & Mahindra, State Bank of India, Bajaj Finserv, Bajaj Finance, NTPC, HDFC and IndusInd Bank.
Sun Pharma, Tata Steel and ITC were the only winners.
In the broader market, the BSE mid-cap meter fell by 2.28 percent and the small cap by 1.92 percent.
All sectoral BSE indices ended in the red, with utilities falling 3.48 percent, power 3.40 percent, real estate (2.97 percent), financial services (2.56 percent), telecommunications (2.17 percent) ), capital goods (2.06 percent). cents) and consumer discretionary (1.82 percent).
“Indian stock markets witnessed a sharp drop over the weekend due to weak global signals. We outperformed, but the 112 level in the dollar index and the 82 level in USD INR shocked market sentiment. FIIs have started selling again in That’s why we’re seeing selling pressure in large-cap stocks,” said Santosh Meena, Head of Research at Swastika Investmart Ltd.
Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong closed lower.
European markets were in the red during mid-session deals. US stocks ended in negative territory on Thursday.
(Except for the headline, this story has not been edited by DailyExpertNews staff and has been published from a syndicated feed.)