Home Business Investor wealth erodes ₹7 trillion as markets tumble for second day in a row

Investor wealth erodes ₹7 trillion as markets tumble for second day in a row

Photo: Mint

Mumbai: Investor wealth tumbled 7 trillion in two sessions amid rising coronavirus cases in the country.

Following the correction, the market capitalisation of BSE-listed companies tumbled 7,00,591 crore to 1,98,75,470.43 crore at the close of trade.

In two sessions, Sensex has tumbled 1611.32 points to 48,440.12. Similarly, Nifty crashed 489.85 points to close at 14324.90 points. From the beginning of the calendar year, the indices are up 1.44% and 2.45% respectively.

“Markets traded under pressure on F&O expiry and the sentiment was downbeat from the beginning, citing subdued global cues and the continuous uptick in covid cases in India. Though the benchmark tried to recoup losses in the latter half, selling pressure at the higher levels pushed the bulls on the backfoot” said Ajit Mishra, Vice-President – Research, Religare Broking Ltd.

Among the 30-share pack, 26 companies closed the day with losses led by ONGC, NTPC, Sun Pharma, SBI, IndusInd Bank, Reliance, Bajaj Auto and Dr. Reddy’s, tumbling in the range of 2-5%.

From the broader market, the BSE midcap and smallcap fell by 2.28% and 2.12%, respectively.

Market breadth was negative with 2,148 stocks ending lower against 837 ending higher on BSE. 140 stocks were unchanged.

Number of shares rising to their 52-week highs stood at 198 against 44 touching their 52-week lows. Tracking the negative sentiment in the market, 275 stocks hit their upper circuits against 315 falling to their lower circuits, respectively.

Foreign institutional investors have net bought $36.91 billion in equity and net sold $7.07 billion in debt since the beginning fiscal year, while domestic institutional investors have net sold Rs1.42 trillion worth of stocks, according to data on the exchanges.

This article is auto-generated by Algorithm Source: www.livemint.com

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