Equity investors become poorer by Rs 2.95 lakh crore as markets fall

The 30-share BSE Sensex fell 610.37 points or 0.92 per cent to settle at 65,508.32.

Investors wealth eroded by Rs 2.95 lakh crore as markets fell by nearly 1 per cent, image credit: Unsplash

Investors' wealth eroded by Rs 2.95 lakh crore on Thursday as markets fell by nearly 1 per cent amid feeble global cues and unabated foreign capital outflows.

The 30-share BSE Sensex fell 610.37 points or 0.92 per cent to settle at 65,508.32.

During the day, it plunged 695.3 points or 1.05 per cent to 65,423.39.

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The market capitalisation of BSE-listed firms fell by Rs 2,95,144.09 crore to Rs 3,16,65,937.80 crore.

In Asian markets, Shanghai ended in the green while Tokyo and Hong Kong settled lower.

Trading was closed in South Korea for a holiday.European markets were trading in the negative territory.

The US markets ended on a mixed note on Wednesday.Global oil benchmark Brent crude dipped 0.38 per cent to USD 96.18 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 354.35 crore on Wednesday, according to exchange data."After a firm opening, markets lost ground immediately and plunged deep into the red in the second half, as IT, metals, FMCG and automobile stocks led the slump in key benchmark indices."

"Markets were range-bound in the last few sessions and one was anticipating a sharp fall, and the weak global factors have been weighing on investors' minds for quite some time."

"If the US dollar and bond yields maintain their ascend, the downward trend may continue for some more time," Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd, said.

Tech Mahindra was the biggest drag in the Sensex pack, falling 4.59 per cent, followed by Asian Paints which declined 3.97 per cent.

Wipro, Mahindra & Mahindra, Infosys, ITC, Kotak Mahindra Bank, Bajaj Finserv, Hindustan Unilever, IndusInd Bank, Reliance Industries and JSW Steel were the other major drags.

On the other hand, Larsen & Toubro, Power Grid, Bharti Airtel and Axis Bank were among the gainers.

In the broader market, the BSE midcap gauge declined 1.19 per cent and smallcap index fell 0.34 per cent.Among the indices, IT declined 1.84 per cent, FMCG fell 1.74 per cent, teck , consumer durables, auto, commodities, consumer discretionary, metal, realty and services (0.89 per cent).Telecommunication and capital goods were the gainers.

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