Investor wealth erodes by Rs 6.25 lakh cr in early morning trade on coronavirus scare
Investor wealth worth Rs 6.25 lakh crore was wiped off in early morning trade on Monday as markets witnessed yet another sell-off, with the BSE benchmark plunging 2,182.41 points as Covid-19 scare continued to hit sentiment.
New Delhi: Investor wealth worth Rs 6.25 lakh crore was wiped off in early morning trade on Monday as markets witnessed yet another sell-off, with the BSE benchmark plunging 2,182.41 points as Covid-19 scare continued to hit sentiment.
The market capitalisation of BSE-listed companies dropped by Rs 6,25,501.8 crore to Rs 1,23,00,741.02 crore in the opening trade.
The drop in investor wealth was led by extremely weak market sentiment, where the BSE Sensex witnessed another plunge after staging a strong comeback on Friday.
The entire BSE 30-share pack was trading in the red, led by IndusInd Bank, ICICI Bank, HDFC and Axis Bank, tumbling up to 9.3 per cent.
Market heavyweight Reliance Industries was also trading over 3 percent lower, which was also instrumental in dragging the benchmark lower.
All the sectoral indices were trading with sharp losses.
China reported 31,454 fresh coronavirus cases, as per the official data on Thursday. This is the highest daily figure since the virus was detected in Wuhan in 2019. Despite a strict zero-COVID policy, why has the country not been able to stop the surge?
While China has an overall vaccination rate of more than 92 per cent having received at least one dose, that number is considerably lower among the elderly, particularly those over age 80
COVID-19 cases in China on Friday rose to over 25,000, including more than 500 in Beijing, prompting city officials to advise millions of residents to stay home and undergo daily testing