New Delhi: Over Rs 13.3 trillion in equity investors’ wealth has been lost in four days of market decline due to a severe sell-off in international markets.
The 30-share BSE Sensex declined 953.70 points, or 1.64 percent, to close at 57,145.22, marking the fourth straight day of declines. It fell 1,060.68 points or 1.82 percent throughout the day to 57,038.24.
The BSE benchmark has lost 2,574.52 points, or 4.31 percent, in the last four days.
In four sessions, the market value of BSE-listed companies fell by Rs 13,30,753.42 crore, falling to Rs 2,70,11,460.11 crore.
“Domestic equities have corrected by more than 4 per cent over the last four trading sessions as global uncertainties dominate market sentiments. A short bounce or reversal can be seen following this intense selling.
“However, the overall narrative of the market remains weak, especially following the cautiousness ahead of the RBI MPC due later this week,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
The 30-share Sensex pack’s major losers on Monday were Maruti, Tata Steel, ITC, Axis Bank, NTPC, Bajaj Finance, IndusInd Bank, and Mahindra & Mahindra, while the pack’s major gainers included HCL Technologies, Asian Paints, Infosys, UltraTech Cement, TCS, Nestle, and Wipro.
The BSE smallcap gauge and midcap index also experienced declines in the broader market of 3.33 and 2.84 percent, respectively.
Real estate down 4.29 percent, while autos fell 3.86 percent, utilities fell 3.72 percent, power fell 3.71 percent, commodities fell 3.32 percent, energy fell 3.17 percent, oil & gas fell 3.10 percent, and telecommunications fell 3.10 percent (2.97 per cent).
“The speed with which central banks across the globe are hiking interest rates, investors are worried that slackening growth would push key economies into recession.
“With the monetary policy decisions on the anvil, rate-sensitive stocks like banking, realty and auto crumbled badly as rate hikes could dent demand going ahead,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
He continued, “However, given that markets are in oversold area, we could see a rapid pullback bounce.”
On Monday, 2,925 companies decreased overall, 660 companies increased, and 122 companies showed no change.
