Investors’ wealth fell by over Rs 4.90 lakh crore on Friday amid a sharp fall in equities.
The 30-share BSE Sensex closed 1,020.80 points or 1.73 per cent lower at 58,098.92. It closed at 57,981.95, down 1,137.77 points or 1.92 per cent during the day.
The market capitalization of companies listed on BSE declined 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 stock market and during this time the BSE benchmark has fallen 1,620.82 points or 2.71 per cent.
Investors’ wealth has decreased by Rs 6,77,646.74 crore in three days.
“With the latest round of interest rate changes by the US central bank, investors are turning away from risk and dumping stocks on their own accord. Traders are also concerned about escalating Russia-Ukraine conflict, which will cost them equities. is pushing us to exit and park the funds. Safe haven in dollar assets,” said Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities Ltd.
Of the 30 Sensex stocks, Power Grid fell 7.93 per cent. Other major laggards were Mahindra & Mahindra, State Bank of India, Bajaj Finserv, Bajaj Finance, NTPC, HDFC and IndusInd Bank.
Sun Pharma, Tata Steel and ITC were the only gainers.
In the broader market, the BSE Midcap gauge was down 2.28 per cent and Smallcap by 1.92 per cent.
All sectoral indices on the BSE closed in the red, with utilities falling 3.48 per cent, power 3.40 per cent, realty (2.97 per cent), financial services (2.56 per cent), telecom (2.17 per cent), capital goods (2.06 per cent). percent) and consumer discretionary (1.82 percent).
“Indian equity markets witnessed a sharp decline over the weekend due to weak global cues. We were outperforming but USD 112 level in index and 82 level in USD INR shook the market sentiments. FII in Indian equities Selling has started again. The market is therefore seeing selling pressure in large-cap stocks,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong closed lower.
European shares were trading in the red in mid-session deals. US markets closed in negative territory on Thursday.
(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)