Investors’ wealth eroded by Rs 5.98 lakh crore on Thursday, tracking weak trends in equities where the BSE Sensex tumbled 1 per cent.
Photograph: Francis Mascarenhas/Reuters
Benchmark indices Sensex and Nifty declined 1 per cent in tandem with weak global market trends amid growing tensions in the Middle East.
The 30-share BSE Sensex dropped 823.16 points or 1 per cent to settle at 81,691.98.
During the day, it plunged 991.98 points or 1.20 per cent to 81,523.16.
The market capitalisation of BSE-listed firms dropped by Rs 5,98,759.27 crore to Rs 4,49,58,383.92 crore ($5.26 trillion).
“The selloff was triggered by weak global cues, volatility from the weekly F&O expiry, and renewed concerns over global trade and geopolitical tensions.
“Investors reacted to feeble global cues as markets assessed the uncertain outcome of US-China trade negotiations and rising tensions in the Middle East, which pushed oil prices higher and weighed on risk appetite.
“The weekly expiry of derivatives contracts added to intraday volatility and profit-booking, amplifying the downward move,” Satish Chandra Aluri, Analyst at Lemonn Markets Desk, said.
From the Sensex firms, Tata Motors, Titan, Eternal, Power Grid, Tata Steel, Larsen & Toubro, Mahindra & Mahindra and Hindustan Unilever were among the biggest laggards.
Bajaj Finserv, Asian Paints and Tech Mahindra were the gainers.
Among sectoral indices, power tumbled 2.19 per cent, utilities (2.18 per cent), oil & gas (2.10 per cent), realty (2.07 per cent), consumer durables (2.02 per cent), industrials (1.98 per cent), auto (1.71 per cent), consumer discretionary (1.67 per cent) and metal (1.63 per cent).
As many as 2,729 stocks declined while 1,282 advanced and 140 remained unchanged on the BSE.
The BSE midcap gauge tanked 1.52 per cent and smallcap index dropped 1.38 per cent.
