This is the third day of decline for the fairness market.
New Delhi:
Investors’ wealth eroded by over Rs 4.90 lakh crore on Friday amid a pointy fall in equities.
The 30-share BSE Sensex tanked 1,020.80 factors or 1.73 per cent to settle at 58,098.92. During the day, it tumbled 1,137.77 factors or 1.92 per cent to 57,981.95.
The market capitalization of the BSE-listed companies plummeted by Rs 4,90,162.55 crore to Rs 2,76,64,566.79 crore on Friday.
This is the third day of decline for the fairness market and the BSE benchmark has fallen by 1,620.82 factors or 2.71 per cent throughout this time.
In three days, traders wealth has eroded by Rs 6,77,646.74 crore.
“With the latest round of interest rate tinkering by the US central bank, investors have turned risk averse and are dumping shares at will. Traders are also worried about the escalation in Russia-Ukraine conflict, which is prompting them to exit equities and park funds in safe haven dollar assets,” stated Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities Ltd.
Among the 30-share Sensex pack, Power Grid slumped 7.93 per cent. The different main laggards have been Mahindra & Mahindra, State Bank of India, Bajaj Finserv, Bajaj Finance, NTPC, HDFC and IndusInd Bank.
Sun Pharma, Tata Steel and ITC have been the one gainers.
In the broader market, the BSE midcap gauge declined 2.28 per cent and smallcap went decrease by 1.92 per cent.
All the BSE sectoral indices ended within the crimson, with utilities tumbling 3.48 per cent, energy by 3.40 per cent, realty (2.97 per cent), monetary providers (2.56 per cent), telecommunication (2.17 per cent), capital items (2.06 per cent) cent) and shopper discretionary (1.82 per cent).
“Indian equity markets witnessed a sharp fall on weekend due to weak global cues. We were outperforming but the level of 112 in the dollar index and the level of 82 in USD INR spooked the market sentiments. FIIs have started selling again in the Indian equity market therefore we are seeing selling pressure in large-cap stocks,” Santosh Meena, Head of Research at Swastika Investmart Ltd, stated.
Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong ended decrease.
European bourses have been buying and selling within the crimson in mid-session offers. The US markets ended within the adverse territory on Thursday.
(Except for the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)