Investors’ wealth tumbles over Rs 2.58 lakh crore as markets plunge
New Delhi: Investors’ wealth tumbled over Rs 2.58 lakh crore on Monday as equity markets suffered a heavy sell-off, with the Sensex plunging 2 per cent. The BSE benchmark tanked 1,172.19 points or 2.01 per cent to settle at 57,166.74 after a weak opening. During the day, it plummeted 1,496.54 points or 2.56 per cent to 56,842.39.
Tracking the weak trend in equities, the market capitalisation of BSE-listed firms tumbled by Rs 2,58,855.59 crore to stand at Rs 2,69,44,207.98 crore. “Sentiments in domestic markets continued to be negative on account of weak global cues, acceleration in WPI inflation and below expectation results from heavyweight Infosys and HDFC Bank,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd. From the 30-share pack, Infosys, HDFC, HDFC Bank, Tech Mahindra, Wipro and TCS were the major laggards. In contrast, NTPC, Tata Steel, Maruti and Titan were among the gainers.
Infosys plummeted over 7 per cent after its Q4 results failed to enthuse investors. HDFC Bank declined 4.53 per cent to Rs 1,398.50 even as the largest domestic private sector lender on Saturday posted a 22.8 per cent jump in its standalone net profit at Rs 10,055.2 crore for the quarter ended March 2022. In Asia, markets in Seoul, Shanghai and Tokyo settled lower. Hong Kong was closed for a holiday. International oil benchmark Brent crude dipped 0.07 per cent to USD 111.6 per barrel.
Foreign institutional investors remained in selling mode, offloading shares worth a net Rs 2,061.04 crore on Wednesday, according to exchange data. Stock markets were closed on Thursday for Mahavir Jayanti and Dr Babasaheb Ambedkar Jayanti, as well as on Friday on account of Good Friday.
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