Sensex, Nifty plunge: Investors lose ₹5.31 lakh crore in just two days

Market


Amid a bearish trend in the overseas markets, investor’s wealth dropped by 5.31 lakh crore in just two days of equity market decline.

On Monday, sliding for the second consecutive session, BSE Sensex closed at 58,490.93 plunging 524.96 points or 0.89%. Meanwhile, during the day, it dropped 626.2 points to 58,389.69. In the previous session, it settled at 59,015.89, dropping 125.27 points or 0.21%

Following the weak trend, the market capitalisation of BSE-listed companies tumbled 5,31,261.2 crore in two days to reach 2,55,47,093.92 crore.

Commenting on the trend, Vinod Nair, Head of Research at Geojit Financial Services, said, “Following high volatility and weak global sentiments, the domestic market ended in a bear grip with metal and PSU banks leading the downward rally.”

“Global markets traded negatively as investors were cautious ahead of multiple central bank policy meetings scheduled this week.” 

The biggest loser on the index was Tata Steel that tumbled 9.53%. It was followed by SBI, IndusInd Bank and HDFC. Meanwhile, HUL, Bajaj Finserv, ITC, HCL Tech, Nestle India, Bajaj Finance and RIL settled with gains.

Sectorally, BSE metal, basic materials, realty, power and utilities indices tanked up to 6.80%, while FMCG closed higher. In the broader market, the BSE midcap and smallcap indices declined up to 1.84%.

Milind Muchhala, Executive Director, Julius Baer said, “Two key factors playing  on the minds of global investors include the upcoming Fed meeting and the uncertainty building up in the Chinese real estate market due to stress on one of the major property players in the country,”

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