Investors' wealth erodes by Rs 1.65 lakh cr as equities face heavy sell-off; Sensex plunges 470 points

Investor wealth dropped by Rs 1.65 lakh crore on Thursday as equities witnessed a heavy sell-off, with the BSE benchmark plunging 470 points

Press Trust of India September 19, 2019 18:53:55 IST
Investors' wealth erodes by Rs 1.65 lakh cr as equities face heavy sell-off; Sensex plunges 470 points
  • The 30-share index ended 470.41 points, or 1.29 percent, lower at 36,093.47

  • Hawkish commentary from the US Federal Reserve and incessant foreign fund outflows further weighed on sentiment, traders said

  • Led by the weak trend in the broader market, the market capitalisation of BSE-listed companies plunged Rs 1,65,437.91 crore to Rs 1,38,54,439.41 crore

New Delhi: Investor wealth dropped by Rs 1.65 lakh crore on Thursday as equities witnessed a heavy sell-off, with the BSE benchmark plunging 470 points.

The 30-share index ended 470.41 points, or 1.29 percent, lower at 36,093.47.

Led by the weak trend in the broader market, the market capitalisation of BSE-listed companies plunged Rs 1,65,437.91 crore to Rs 1,38,54,439.41 crore.

Investors wealth erodes by Rs 165 lakh cr as equities face heavy selloff Sensex plunges 470 points

Representational image. Reuters.

"Continuous selling by FIIs and uncertainty over the future trajectory of Fed rate cut dampened investors sentiment. The slowdown in direct tax collection and rise in oil prices will limit government's space for stimulus measures which will continue to act as a downside risk to the market," Vinod Nair, head of research, Geojit Financial Services Ltd said.

Hawkish commentary from the US Federal Reserve and incessant foreign fund outflows further weighed on sentiment, traders said.

"Lower tax collection figures spooked markets today as FII continued selling in key pivotals, dragging down indices. Exposure of many private sector banks towards commercial real estate further accentuated selling towards afternoon trade across these counters," S Ranganathan, head of research, LKP Securities said.

From the 30-share pack, 26 companies closed the day with losses, led by Yes Bank which tumbled 15.52 percent.

At the BSE, 1,828 scrips declined, while 686 advanced and 114 remained unchanged.

As many as 116 stocks dropped to their one-year low level on Thursday.

In the broader market, the BSE midcap and smallcap indices ended up to 1.48 percent lower.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

RBI keeps repo rate unchanged at 4%; GDP to contract by 9.5% in current FY, says Shaktikanta Das
India

RBI keeps repo rate unchanged at 4%; GDP to contract by 9.5% in current FY, says Shaktikanta Das

The central bank has also kept the door open for lowering rates further by retaining an 'accommodative' policy stance, for as long as needed, to support growth, said the RBI governor

TCS announces Rs 16,000-cr buyback plan, net profit up 4.9% at Rs 8,433 cr in  Sep quarter
Business

TCS announces Rs 16,000-cr buyback plan, net profit up 4.9% at Rs 8,433 cr in Sep quarter

The net profit, however, excluded Rs 1,218 crore-provision towards a legal claim, the company said in a regulatory filing