Traders’ wealth jumped over Rs 6.47 lakh crore in two days of market fall amid weak cues from international markets.
On Monday, the BSE benchmark Sensex closed at 56,579.89, down 617.26 factors, or 1.08 per cent. In the course of the day, it closed 840.28 factors or 1.46 per cent decrease at 56,356.87.
On Friday, the Sensex closed at 57,197.15, down 714.53 factors or 1.23 per cent.
The 2-day fall in equities worn out Rs 6,47,484.72 crore, taking the market capitalization of BSE-listed companies to Rs 2,65,29,671.65 crore.
“Indian markets prolonged losses after taking cues from their Asian friends. Nifty opened decrease and remained beneath promoting strain all through the day,” mentioned Siddharth Khemka, Head of Retail Analysis, Motilal Oswal Monetary Companies Ltd.
“We count on the market to stay risky amid issues about inflation and its influence on company earnings, in addition to rising issues over aggressive US Fed charge hikes within the close to time period,” he mentioned.
On Monday, Tata Metal, Tech Mahindra, NTPC, Titan, Reliance Industries, ITC, Larsen & Toubro and Solar Pharma had been the main laggards, falling 4.47 per cent within the Sensex pack.
In distinction, HDFC Financial institution, ICICI Financial institution, HDFC, Kotak Mahindra Financial institution, Nestle, Maruti Suzuki, Bharti Airtel and Axis Financial institution rose as much as 0.75 per cent.
Among the many broader markets, the BSE Smallcap gauge fell 1.88 per cent, whereas the Midcap index fell 1.86 per cent.
“Low-earnings outcomes painted international markets within the crimson, including to new issues over heightened inflation, oil costs, warfare uncertainties and provide points. China’s extended Covid lockdown has led to a slew of issues.” As a result of fall in demand, oil costs fell.
Vinod Nair, Head of Analysis, Geojit Monetary Companies, mentioned, “Incessant promoting by FIIs in India together with different international uncertainties stays bearish within the brief time period.”