Market mayhem: Investors lose Rs 11.28 lakh crore in four days

Sliding for the fourth straight day on Monday, the BSE benchmark Sensex plummeted 1,491.06 points or 2.74 per cent to settle at 52,842.75, weighed by weak global equities and elevated crude oil prices. During the session, the benchmark tanked 1,966.71 points or 3.61 per cent to 52,367.10.

In tandem with the heavy sell-off in equities, the market capitalisation of BSE-listed companies plunged by Rs 11,28,214.05 crore in four days to stand at Rs 2,41,10,831.04 crore.

In the four sessions, the BSE benchmark has shed 3,404.53 points or 6.05 per cent.

“Markets plunged sharply lower and lost over 2 per cent, tracking a continuous surge in crude and feeble global cues. Markets are rattled with a sharp surge in crude amid fear of further sanctions on Russia. Besides, there’s no sign of de-escalation of tension between the two nations.

“In short, we expect volatility to remain high and suggest keeping a close watch on global markets for cues. On the domestic front, state elections exit polls and actual results on March 10 would be actively tracked,” said Ajit Mishra, VP – Research, Religare Broking Ltd.

International oil benchmark Brent crude surged 5.76 per cent to USD 124.7 a barrel.

From the 30-share Sensex pack, IndusInd Bank, Axis Bank, Maruti Suzuki, Bajaj Finance, Bajaj Finserv, UltraTech Cement and Mahindra & Mahindra were the biggest drags, tumbling up to 7.63 per cent.

In contrast, Bharti Airtel, HCL Technologies, Tata Steel and Infosys settled in the green.

Among BSE sectoral indices, realty, bank, finance and auto finished with deep cuts.

Foreign institutional investors continued their selling spree in Indian markets as they offloaded shares worth Rs 7,631.02 crore on a net basis on Friday, according to exchange data.