Investors' wealth tumbles Rs 3.9 trn as stocks slump on Fed rate hike fears

Investors' wealth plunged over Rs 3.91 lakh crore

on Friday amid an extremely weak broader market trend.

The BSE benchmark tanked 773.11 points or 1.31 per cent to settle at 58,152.92 after a weak opening. During the day, it tumbled 1,011.93 points to 57,914.10.

The market capitalisation of BSE-listed companies declined Rs 3,91,477.92 crore to Rs 2,63,89,886.35 crore.

"Aggressive FII selling resulting from negative global cues wreaked havoc in the domestic market today. Globally markets traded in the red amid mounting concerns of surging US inflation which fuelled fears of a hawkish rate hike by the central bank," said Vinod Nair, Head of Research at Geojit Financial Services.

IT stocks were the biggest drag among the BSE 30-share benchmark frontline companies pack. Tech Mahindra was the biggest loser, falling nearly 3 per cent, followed by Infosys, HCL Technologies, and Wipro.

In the broader market, the BSE smallcap and midcap indices tumbled up to 1.90 per cent.

In the previous trading session, the 30-share BSE benchmark settled 460.06 points or 0.79 per cent higher at 58,926.03.