Investor wealth tumbles over Rs 11.22 lakh cr in three days

Team Udayavani, May 10, 2022, 7:08 PM IST

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New Delhi: Equity investors have become poorer by over Rs 11.22 lakh crore in three days following a sell-off in markets amid weak global cues.

Sliding for the third straight session, the 30-share BSE Sensex closed 105.82 points or 0.19 percent lower at 54,364.85 on Tuesday.

In three days, the benchmark has tumbled 1,337.38 points or 2.40 percent.

The weak trend in equities has eroded Rs 11,22,389.2 crore from the market capitalization of BSE-listed firms in three sessions. The market capitalization of BSE-listed firms now stands at Rs 2,48,42,500.17 crore.

”Markets are witnessing volatile swings as various factors like rising interest rates, concerns over slower economic growth and further tightening measure in China continued to weigh on investors,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

In Tuesday’s trade, Tata Steel was the biggest drag on the Sensex pack, falling 6.95 percent, followed by Sun Pharma, NTPC, Titan, Bajaj Finance, Reliance Industries, Tech Mahindra, and ITC.

In contrast, HUL, Asian Paints, IndusInd Bank, UltraTech Cement, Maruti, Kotak Mahindra Bank, and HDFC twins jumped up to 3.24 percent.

In the broader market, the BSE smallcap gauge tumbled 2.11 percent and the midcap index dropped 1.98 percent.

Among BSE sectoral indices, metal plunged 5.62 percent, followed by utilities (4.57 percent), power (4.33 percent), realty (2.96 percent), basic materials (2.67 percent), and energy (2.51 percent). Bank, finance, and FMCG ended modestly higher.

Foreign institutional investors remained in selling mode, offloading shares worth a net Rs 3,361.80 crore on Monday, according to stock exchange data.