Investor wealth erodes by over Rs 3.27 trillion as markets tumble




Investor wealth on Wednesday tumbled over Rs 3.27 trillion as witnessed massive selling pressure amid rising cases in the country.


The BSE benchmark index plunged 871.13 points or 1.74 per cent to close at 49,180.31. During the day, it declined 931.1 points to 49,120.34.



Following the weak trend, the market capitalisation of BSE-listed companies tumbled Rs 3,27,967.71 crore to reach Rs 2,02,48,094.19 crore at the close of trade.


“Indian market witnessed across-the-board selling amid high volatility owing to weak global cues and spike in covid cases,” said Vinod Nair, Head of Research at Geojit Financial Services.


M&M was the biggest loser from the BSE benchmark 30-share pack, declining 3.97 per cent, followed by SBI, Axis Bank, ICICI Bank, IndusInd Bank, ITC and L&T.


Asian Paints and PowerGrid were the only gainers from the frontline companies pack.


All sectoral indices ended lower, with BSE realty, metal, auto, banks, industrials and finance indices falling up to 2.93 per cent.


In the broader market, the midcap and smallcap indices fell up to 1.69 per cent.


At the BSE, 2,115 companies declined, while 842 advanced and 167 remained unchanged.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor





Source link