Market mayhem: investors' wealth plunges ₹7.59 lakh crore on October 23

On October 23, investors' wealth eroded by ₹7.59 lakh crore as equity market took a heavy drubbing due to escalating Middle East tensions. BSE Sensex plunged 1.26% to 64,571.88 points, m-cap of BSE-listed firms fell by ₹12,51,700.73 crore in 4 days

Investors' wealth eroded by ₹7.59 lakh crore on Monday (October 23) as the equity market took a heavy drubbing amid escalating tensions in the Middle East.

The 30-share BSE Sensex plunged 825.74 points or 1.26% to settle at 64,571.88 points. During the day, the index plummeted 894.94 points or 1.36% to 64,502.68 points.

This is the fourth consecutive session of decline for the benchmark index and in four days, the BSE benchmark has dropped by 1,856.21 points or 2.79%.

Amid weak trend in equities, the market capitalisation of BSE-listed firms fell by ₹12,51,700.73 crore in four days of market crash to reach ₹3,11,30,724.40 crore.

On Monday alone, the market valuation of the BSE-listed companies plummeted ₹7,59,041.63 crore.

"Benchmark indices witnessed severe pounding in the last hour trades as simmering geopolitical tension in the Middle East region triggered a wave of selling pressure and prompted investors to offload equity holdings.

"Investors are already worried about further interest rate hike and inflation, and with the addition of the Israel-Hamas conflict, the uncertainty has increased further and leading to weak sentiment in global equities," Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities Ltd, said.