Investors’ wealth has tumbled by more than ₹8.47 lakh crore on Monday as Indian markets were not spared from the meltdown of global markets due to the Ukraine crisis.
The NSE Nifty 50 index ended 3.06% lower at 16,842.80, while the S&P BSE Sensex dropped 3% to 56,405.84, both marking their worst day since mid-April 2021.
Reflecting the rout, the market capitalisation of BSE-listed companies or the notional investors’ wealth eroded massively by ₹8,47,160.93 crore to ₹2,55,42,725.42 crore.
Global equities too were under strong pressure today while crude oil extended gains as geopolitical risks over Ukraine rippled through global financial markets, spurring demand for safe-haven assets. Gold prices today hit a near 3-month high on MCX.
The domestic market remained in the red for the second straight session after witnessing a massive sell-off on Friday, leading to a fall of over ₹3.91 lakh crore in investors’ wealth.
In just two sessions, the total investors’ wealth has eroded by more than ₹12 lakh crore.
“Sentiments have turned very negative for the short-term with the heightened tension over the Ukraine crisis. Weakness in global markets is the direct fallout of the Ukraine crisis,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The Indian rupee today declined 20 paise to 75.56 against the US dollar in opening trade on Monday, amid geopolitical tensions pushing investors to the safe-haven appeal of the greenback.
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