Amid weak trend in equities, market capitalization of BSE-listed companies fell by Rs 12,51,700.73 crore to Rs 3,11,30,724.40 crore in four days of market crash.
This is the fourth consecutive session of decline for the benchmark index and in four days, the benchmark BSE has fallen 1,856.21 points or 2.79 percent
Investors’ wealth was eroded by Rs 7.59 lakh crore on Monday after the stock market suffered badly amid escalating tensions in the Middle East. The 30-share BSE Sensex fell 825.74 points or 1.26 per cent to settle at 64,571.88 points. During the day, the index plummeted by 894.94 points or 1.36 percent to 64,502.68 points.
This is the fourth consecutive session of decline for the benchmark index and in four days, the benchmark BSE has fallen 1,856.21 points or 2.79 percent. Amid weak trend in equities, market capitalization of BSE-listed companies fell by Rs 12,51,700.73 crore to Rs 3,11,30,724.40 crore in four days of market crash.
On Monday alone, the market value of BSE-listed companies fell by Rs 7,59,041.63 crore. “Benchmark indices witnessed major shocks in the past hour as simmering geopolitical tensions in the Middle East triggered a wave of selling pressure and prompted investors to offload their equity positions.
“Investors are already concerned about further interest rate rises and inflation, and with the addition of the Israel-Hamas conflict, uncertainty has further increased, leading to weak sentiment in global equities,” said Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities Ltd, said. Among the Sensex companies, JSW Steel, Tata Steel, Tata Consultancy Services, Tata Motors, Wipro, IndusInd Bank, HCL Technologies, NTPC, State Bank of India and Larsen & Toubro were the top laggards.
Bajaj Finance and Mahindra & Mahindra were the winners. The global oil benchmark for Brent crude rose 0.04 percent to USD 92.18 per barrel.
In the broader market, the BSE’s smallcap index fell 4.18 percent and the midcap index fell 2.51 percent. “Fear of regional conflicts in the Middle East and concerns about more rate hikes by the US Federal Reserve for an extended period were the main cause for concern in the market. Even the earnings season has been mixed so far, making the market not resilient,” said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd.
All indices ended lower: telecommunications fell 3.82 percent, the industrial sector fell 3.26 percent, utilities (3.10 percent), raw materials (3.06 percent), services (2.99 percent), real estate ( 2.84 percent), energy (2.69 percent). percent), consumer durables (2.25 percent), IT (2.14 percent) and oil and gas (1.88 percent). A total of 3,196 companies declined, while 638 advanced and 156 remained unchanged on the BSE.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)