NEW DELHI: Equity investors became poorer by Rs 14.60 lakh crore in five days of market slump amid mounting tensions in the Middle East and higher valuations of Indian stocks.
Falling for the fifth day running, the 30-share BSE Sensex tanked 522.82 points, or 0.81 per cent, to settle at 64,049.06. In five days, the BSE benchmark has plunged 2,379.03 points, or 3.58 per cent. The market capitalisation of BSE-listed companies eroded by Rs 14,60,288.82 crore to Rs 3,09,22,136.31 crore in five days.
“It was a sea of red at Dalal Street which was primarily clouded by lingering concerns about corporate India’s earnings, which as of date was uninspiring and, most importantly, they could come under heavy pressure from inflation, an economic downturn, and soaring interest rates. The negative takeaway was that the bear remained in total control despite WTI oil prices tumbling to $83 a barrel,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
Infosys, Bharti Airtel, NTPC, IndusInd Bank, ICICI Bank, Tata Motors, Larsen & Toubro, Bajaj Finance, Tech Mahindra, Titan and Axis Bank were among the major laggards, while Tata Steel, State Bank of India, Maruti, Mahindra & Mahindra, Nestle, and JSW Steel were the gainers.