Site icon News Azi

Markets fall for 5th straight day: Investors poorer by Rs 19.5 trn



Investors have become poorer by a massive Rs 19,50,288.05 crore as equity market sell-offs continued for the fifth day in a row on Monday.


The BSE Sensex plunged 1,545.67 points or 2.62 per cent to settle at 57,491.51 on Monday, while, the NSE Nifty slumped 468.05 points or 2.66 per cent to settle at 17,149.10.





This is the steepest single-day drop for the indices in about two months.


Over the last five sessions, the 30-share Sensex has tumbled 3,817.4 points or 6.22 per cent.


As a result of hectic selling over the five days, the market capitalisation of BSE-listed companies have eroded by a whopping Rs 19,50,288.05 crore to Rs 2,60,52,149.66 crore.


On Monday alone, the market capitalisation of BSE-listed firms tanked by Rs 9,13,651.88 crore.


Interestingly on January 17 this year, the market capitalisation of BSE-listed companies had reached a record high of Rs 280 lakh crore.


“Fears of higher-than- expected rate tightening by the Fed and the heightened tensions on the Russia-Ukraine border had created the perfect storm that spooked the markets. FPIs have been stepping up their sales during the last several day’s,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.


In Monday’s trade, Tata Steel was the biggest drag among the 30-share frontline companies pack, falling 5.98 per cent, followed by Bajaj Finance, Wipro, Tech Mahindra, Titan, Reliance Industries and HCL Tech.


In the broader market, the BSE smallcap index declined by 4.43 per cent and midcap index tanked 3.82 per cent.


“Markets have been correcting in the last few days on the back of fears of interest rate hikes across the developed economies plus the ongoing tapering of stimulus. Though the Covid numbers are still something to ponder on, but Omicron variant not being as severe has made market believe that the days of easy liquidity seem to be nearing an end,” Devang Mehta, Head – Equity Advisory, Centrum Wealth, said.


Ajit Mishra, VP – Research, Religare Broking Ltd, said, “Markets plunged sharply lower and lost nearly 3 per cent pressurised by weak global cues. We expect volatility to remain high as investors await the Fed meet outcome. Moreover, pre-budget jitters, earnings announcements and upcoming monthly expiry would further add to the choppiness.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

For all the latest Business News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – admin@newsazi.com. The content will be deleted within 24 hours.
Exit mobile version