Market investors become poorer by ₹5.29 lakh crore amid massive correction in stocks
The Hindu
Equity market plunges over 800 points, eroding market capitalisation by ₹5.29 lakh crore amid global economic concerns.
A sharp fall in the equity market made investors poorer by ₹5.29 lakh crore on Tuesday when the BSE benchmark Sensex tumbled over 800 points.
A host of negative triggers — muted quarterly earnings, continuous foreign fund outflows and weak trends in Asian and European markets — dragged the benchmark indices lower.
The BSE benchmark gauge tumbled 820.97 points or 1.03% to settle at 78,675.18. During the day, it plunged 948.31 points or 1.19% to 78,547.84.
The market capitalisation of BSE-listed companies eroded by ₹5,29,525.42 crore to ₹4,37,24,562.57 crore ($5.18 trillion).
"Domestic earnings disappointment and weak Asian & European market cues fuelled another round of massive correction as key benchmark indices slumped. The expensive valuations of Indian markets and the rising bond yields coupled with worries of Trump's likely protectionist policies going ahead has continued to fuel pessimism amongst the local investors," Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, said.
From the 30-share Sensex pack, NTPC, HDFC Bank, Asian Paints, State Bank of India, Tata Motors, Maruti, JSW Steel and Power Grid were among the major laggards.
On the other hand, Infosys, Sun Pharma, ICICI Bank and Tata Consultancy Services were the gainers.
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