Market tremors wipe off investors’ wealth by Rs 14.60 lakh cr in five trading sessions


PTI, Oct 25, 2023, 6:38 PM IST

Representative image (source: iStock)

Equity investors became poorer by Rs 14.60 lakh crore in five days of market slump amid mounting tensions in the Middle East and higher valuations of Indian stocks.

Falling for the fifth day running, the 30-share BSE Sensex tanked 522.82 points, or 0.81 per cent, to settle at 64,049.06. During the day, it dropped 659.72 points, or 1.02 per cent, to 63,912.16.

In five days, the BSE benchmark has plunged 2,379.03 points, or 3.58 per cent.

The market capitalisation of BSE-listed companies eroded Rs 14,60,288.82 crore to Rs 3,09,22,136.31 crore in five days. ”Markets extended fall for the fifth straight session as banking, IT stocks led the slump in the backdrop of persisting global turbulence. Higher valuations of Indian stocks have been a concern and the current global turmoil is allowing investors to reduce their equity exposure,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.

Among the Sensex firms, Infosys, Bharti Airtel, NTPC, IndusInd Bank, ICICI Bank, Tata Motors, Larsen & Toubro, Bajaj Finance, Tech Mahindra, Titan and Axis Bank were among the major laggards.

Tata Steel, State Bank of India, Maruti, Mahindra & Mahindra, Nestle, and JSW Steel were the gainers.

”It was a sea of red at Dalal Street which was primarily clouded by lingering concerns about corporate India’s earnings, which as of date was uninspiring and, most importantly, they could come under heavy pressure from inflation, an economic downturn, and soaring interest rates.

”The negative takeaway was that the bear remained in total control despite WTI oil prices tumbling to $83 a barrel,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.

In the broader market, the BSE smallcap gauge declined 0.77 per cent and midcap index fell 0.52 per cent.

Among the indices, teck dropped 1.39 per cent, telecommunication fell 1.29 per cent, utilities (1.25 per cent), IT (1.13 per cent), power (1.09 per cent), financial services (0.83 per cent), realty (0.80 per cent) and bankex (0.70 per cent).

Metal emerged as the only gainer.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

10 month baby gets new heart, new life

Actress Kasthuri released from jail, says ‘I thank those who made me raging storm’

Kidnapped for ransom in 1998, 26/11 survivor Gautam Adani faces biggest trial

100 engineering colleges in Karnataka to be ‘adopted’ by corporates by next year: IT Minister Kharge

Siddaramaiah defends BPL ration card cancellation, says only ineligible beneficiaries affected

China announces new policy measures to protect its exports from Trump’s new tariff threat

Renovated Medical Oncology OPD and Chemotherapy Day Care Centre inaugurated at Kasturba Hospital, Manipal

Related Articles More

Kidnapped for ransom in 1998, 26/11 survivor Gautam Adani faces biggest trial

Gautam Adani charged in US with USD 250 mn bribery, fraud

India’s GDP growth likely to slip at 6.5 pc, maintains 7 pc estimate for FY25: Icra

RBI cautions public about ‘deepfake’ video of governor being circulated on social media

We disagree with decision, plan to appeal: Meta on CCI imposing Rs 213-cr penalty

MUST WATCH

Christmas Cake Fruit Mixing

DK Shivakumar

Rose Cultivation

Geethotsava

Naxal Operation


Latest Additions

Mangaluru: Cyber frauds posing as TRAI representatives fleece Rs 1.71 crore

10 month baby gets new heart, new life

Saura Swasthya launched: Karnataka to power 5,000 health facilities with solar energy

India-US ties have strong foundation: White House confident in navigating crisis over Adani bribery charges

PM Modi leaves for home after concluding three-nation visit

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.