As markets fall, investors lose almost 6.47 billion rupees

As markets fall, investors lose almost 6.47 billion rupees

In two days of market turmoil, investors’ worth plummeted by nearly 6.47 lakh crore, owing to negative global market indications.

The BSE benchmark Sensex fell 617.26 points, or 1.08 percent, to 56,579.89 on Monday. It fell 840.28 points, or 1.46 percent, to 56,356.87 during the day.

The Sensex fell 714.53 points, or 1.23 percent, to 57,197.15 on Friday.

The two-day drop in equities wiped off 6,47,484.72 crore, bringing BSE-listed companies’ market capitalization to 2,65,29,671.65 crore.

“After drawing cues from its Asian counterparts, Indian markets extended their losses. Nifty began the day down and was under selling pressure all day “Motilal Oswal Financial Services Ltd’s Head of Retail Research, Siddhartha Khemka, stated.

“We expect markets to continue volatile, owing to concerns about inflation and its impact on corporate profitability, as well as concerns about aggressive US Fed rate hikes in the short term,” he said.

Tata Steel, Tech Mahindra, NTPC, Titan, Reliance Industries, ITC, Larsen & Toubro, and Sun Pharma were among the Sensex pack’s major laggards on Monday, losing up to 4.47 percent.

HDFC Bank, ICICI Bank, HDFC, Kotak Mahindra Bank, Nestle, Maruti Suzuki, Bharti Airtel, and Axis Bank, on the other hand, finished with gains of up to 0.75 percent.

The BSE smallcap index fell 1.88 percent, while the midcap index fell 1.86 percent in broader markets. Global markets were roiled by disappointing profit reports, raising new concerns about rising inflation, oil costs, conflict risks, and supply shortages. Fears of dwindling demand as a result of China’s prolonged Covid blockade sent oil prices soaring.

“In the short term, continued FII selling in India, combined with other global uncertainty, favors a bear trend,” said Vinod Nair, Head of Research at Geojit Financial Services.

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