Investors poorer by Rs 7.62 lakh crore as Sensex plunges over 2,700 points on coronavirus fears

Investors' wealth eroded by Rs 7.62 lakh crore on Monday as markets witnessed yet another sharp fall, with the Sensex plunging 2,713.41 points as coronavirus scare continued to hit market sentiment

Press Trust of India March 16, 2020 19:52:21 IST
Investors poorer by Rs 7.62 lakh crore as Sensex plunges over 2,700 points on coronavirus fears

New Delhi: Investors' wealth eroded by Rs 7.62 lakh crore on Monday as markets witnessed yet another sharp fall, with the Sensex plunging 2,713.41 points as coronavirus scare continued to hit market sentiment.

The market capitalisation of BSE-listed companies dropped by Rs 7,62,290.23 crore to Rs 1,21,63,952.59 crore at the close of trade.

The drop in investor wealth was led by extreme weak broader market sentiment, where the Sensex witnessed another sharp fall after staging a strong comeback on Friday. The key index plummeted 2,713.41 points or 7.96 percent to close at 31,390.07.

"After a short breather on Friday, sell-off resumed in the Indian markets following weak global cues despite the US Federal Reserve's emergency stimulus," Ajit Mishra, vice-president (research), Religare Broking Ltd, said.

Investors poorer by Rs 762 lakh crore as Sensex plunges over 2700 points on coronavirus fears

Representational image. News18

He added that the broader markets BSE Midcap and Smallcap also ended lower by 5.9 percent and 5.7 percent, respectively. "On the sector front, all the indices witnessed heavy selling pressure wherein metals, banks, realty and IT were the top losers."

The markets are showing no signs of stability as the economic impact of the coronavirus outbreak is likely to be significant for many major economies, he added.

The entire BSE 30-share pack closed with losses, led by IndusInd Bank, Tata Steel, HDFC, Axis Bank and ICICI Bank tumbling up to 17.50 percent.

Market heavyweight Reliance Industries Ltd dropped 8.28 percent and was instrumental in dragging the markets sharply lower.

Vinod Nair, head of research at Geojit Financial Services, said, "Easing monetary policy action from central banks across the globe highlights that the impact of coronavirus is worse than thought. Economic, trade and travel shutdown are impacting equities across the globe."

On the BSE, 2,047 scrips declined, while 411 advanced and 160 remained unchanged.

A total of 478 companies hit their 52-week low.

The equity markets suffered extreme panic selling last week, where the key BSE barometer plunged 3,473.14 points in total.

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