Equity investors poorer by Rs 4.90 lakh cr as Sensex tumbles nearly 2 pc
PTI, Sep 23, 2022, 5:31 PM IST
Investors’ wealth eroded by over Rs 4.90 lakh crore on Friday amid a sharp fall in equities.
The 30-share BSE Sensex tanked 1,020.80 points or 1.73 per cent to settle at 58,098.92. During the day, it tumbled 1,137.77 points or 1.92 per cent to 57,981.95.
The market capitalisation of the BSE-listed firms plummeted 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 equity market and the BSE benchmark has fallen by 1,620.82 points or 2.71 per cent during this time.
In three days, investors wealth has eroded by Rs 6,77,646.74 crore.
“With the latest round of interest rate tinkering by the US central bank, investors have turned risk averse and are dumping shares at will. Traders are also worried about the escalation in Russia-Ukraine conflict, which is prompting them to exit equities and park funds in safe haven dollar assets,” said Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities Ltd.
Among the 30-share Sensex pack, Power Grid slumped 7.93 per cent. The other major 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 gainers.
In the broader market, the BSE midcap gauge declined 2.28 per cent and smallcap went lower by 1.92 per cent.
All the BSE sectoral indices ended in the red, with utilities tumbling 3.48 per cent, power by 3.40 per cent, realty (2.97 per cent), financial services (2.56 per cent), telecommunication (2.17 per cent), capital goods (2.06 per cent) and consumer discretionary (1.82 per cent).
“Indian equity markets witnessed a sharp fall on weekend due to weak global cues. We were outperforming but the level of 112 in the dollar index and the level of 82 in USD INR spooked the market sentiments. FIIs have started selling again in the Indian equity market therefore we are seeing selling pressure in large-cap stocks,” Santosh Meena, Head of Research at Swastika Investmart Ltd, said.
Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong ended lower.
European bourses were trading in the red in mid-session deals. The US markets ended in the negative territory on Thursday.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Sensex, Nifty fall over 1 pc, snap two-day rally ahead of US Fed interest rate decision
SC orders liquidation of grounded air carrier Jet Airways’ assets
Home-cooked meals become dearer in October on costlier vegetables
Sensex, Nifty surge over 1 pc on heavy buying in IT stocks as Trump set to win US polls
Das says incoming data on GDP growth mixed but positives outweigh negatives
MUST WATCH
Latest Additions
Salman Khan gets another threat; message sent to Mumbai traffic police helpline
SC overrules 1967 verdict holding AMU can’t be minority institution
DK Child Protection Unit to conduct campaign to raise awareness of child trafficking
Kambala: Tradition and modernity in coastal Karnataka
BJP MP Tejasvi Surya, editors of Kannada news portals booked for allegedly spreading fake news
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.