 "Investors' wealth erodes by Rs 9.65 trillion in 4 days of market selloff")
Investors' wealth eroded by Rs 9.65 trillion in four days of sharp decline in the equity market where the BSE benchmark Sensex tanked 2,915 points.
In the past four days, the BSE benchmark slumped 2,915.07 points or 3.54 per cent.
Falling for the fourth day running on Thursday, the 30-share BSE benchmark Sensex tanked 964.15 points or 1.20 per cent to settle at 79,218.05. During the day, the blue-chip index cracked 1,162.12 points or 1.44 per cent to 79,020.08.
Tracking the weak trend in equities, the market capitalisation of BSE-listed firms eroded by Rs 9,65,935.96 crore to Rs 4,49,76,402.63 crore ( $ 5.29 trillion) in four days.
"Markets were plundered tracking negative global cues as benchmark indices slipped below their psychological levels on broad-based selling after the US Fed's hawkish stance raised concerns over further rate cuts next year. Rising US bond yields has pushed global currencies, including the rupee to new lows while renewed foreign fund outflows from domestic equities could prompt investors to turn risk averse," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
From the 30 blue-chip pack, Infosys, Bajaj Finserv, JSW Steel, Asian Paints, Bajaj Finance, ICICI Bank, Reliance Industries, Tata Consultancy Services, Infosys, Tata Motors and Tech Mahindra were the biggest laggards.
On the other hand, Sun Pharma, Hindustan Unilever and Power Grid were the gainers.
Also Read
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled lower.
European markets were trading in the negative territory. Wall Street ended sharply lower on Wednesday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,316.81 crore on Wednesday, according to exchange data.
As many as 2,315 stocks declined while 1,680 advanced and 100 remained unchanged on the BSE.
The BSE midcap gauge declined 0.30 per cent and smallcap index dipped 0.28 per cent.
Among sectoral indices, BSE Focused IT tanked 1.20 per cent, consumer durables (1.15 per cent), IT (1.13 per cent), capital goods (1.07 per cent), teck (1.05 per cent) and financial services (1.05 per cent).
BSE Healthcare emerged as the only gainer.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)