Investors' wealth tumbles Rs 9.74 lakh crore in two days of stock market plunge on coronavirus scare
Investor wealth dropped by Rs 9.74 lakh crore in two days of market fall this week triggered by weak global trends and fears of coronavirus hitting the overall economy
Investors' wealth dropped by Rs 9.74 lakh crore in two days of market fall this week triggered by weak global trends and fears of coronavirus hitting the overall economy.
In two days, investors have lost Rs 9,74,176.71 crore wealth. At close of trade on Tuesday, the market capitalisation of BSE-listed companies was at Rs 1,19,52,066.11 crore.
Fag-end selling pulled down the BSE's key bellwether index by 810.98 points or 2.58 percent on Tuesday. Markets erased all its early gains, tracking weak global cues and finally closed at 30,579.09. On Monday, the key index had plummeted 2,713.41 points or 7.96 percent.
"The Indian markets continued to plummet on Tuesday tracking weak global cues. The markets across the globe are witnessing high volatility and the recent stimulus measures have failed to assuage the investor fears.
"On the domestic front, the markets will continue to follow the global cues and therefore further downside cannot be ruled out in the near-term," according to Ajit Mishra, VP - Research, Religare Broking Ltd.
Among the 30-share pack, 21 companies closed the day with losses led by ICICI Bank, IndusInd Bank, Bajaj Finance, HDFC and Infosys, tumbling up to 8.95 percent.
From the broader market, the BSE midcap and smallcap fell by 1.84 percent and 2.27 percent, respectively.
A total of 1,650 companies declined, while 779 advanced and 166 remained unchanged on BSE.
As many as 539 companies hit their one-year low mark on Tuesday.
Midcap and Smallcap indices also ended in losses. Oil & gas were the top gainers, while IT was the biggest drag
Weak global trends and persistent foreign fund outflows coupled with rising crude prices led to domestic markets snapping their three-day positive streak. However, they bounced back on the back of gains in oil & gas, metal, and auto sectors.
Markets ended higher for the third consecutive session led by a rally in IT stocks and positive global sentiment