Wealth of equity investors plummets by Rs 2.39 Lakh Crore as markets sink


Investor wealth fell by Rs 2.39 lakh crore on Monday, in line with a weak trend in global equity markets. The BSE Sensex added 861.25 points or 1.46% to settle at 57,972.62. During the day, it fell 1,466.4 points or 2.49% to 57,367.47.

Following the weakness in global equities, the market capitalization of BSE-listed companies eroded from Rs 2,39,781.58 crore to Rs 2,74,56,330.02 crore. “Investors had already had a wind of bearish undertones for the start of the week after the US Fed Chairman’s speech on Friday spoke of further rate hikes coming to tame inflation. And as expected, Sensex fell nearly 1,500 points in early trades before recovering ground to close its day’s low.

“Traders are expecting more bouts of volatility in the coming sessions, fearing that continued rate hikes in the U.S. could pose a threat to the global economy and hurt growth prospects,” he said. Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd, said. Tech Mahindra was the biggest laggard in the Sensex pack, down 4.57%, followed by Infosys, Wipro, HCL Technologies, Tata Consultancy Services, Kotak Mahindra Bank, Tata Steel, Axis Bank, ICICI Bank and State Bank of India .

On the other hand, Maruti, Asian Paints, Nestlé, ITC, M&M and Hindustan Unilever were among the winners. Elsewhere in Asia, markets in Seoul, Tokyo and Hong Kong stabilized lower, while Shanghai ended slightly higher. European stock markets were trading lower in mid-term trades. US markets ended sharply lower on Friday.

“The Indian market started the new week with a deep decline followed by a strong sell-off in global markets following hawkish comments from US Fed Chairman Jerome Powell,” said Santosh Meena, head of research at Swastika Investmart Ltd. Foreign Institutional Investors (FIIs) unloaded shares worth Rs 51.12 crore on Friday, according to data from the exchange.

Read all Latest business news and recent news here


Source link


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.