Stock market investors wealth decreased by Rs 4.90 lakh crore due to majo loss in three days

Stock market fell for three days, Sensex rose 300 points, Nifty crossed 17,600 Stock market fell for three days Sensex rose 300 points Nifty crossed 17600

Photo:PTI stock market investors

stock market Due to the big fall on Friday, the wealth of investors decreased by more than Rs 4.90 lakh crore. The 30-share Sensex closed at 58,098.92 points, down 1,020.80 points, or 1.73 per cent. At one point during trading, it had fallen to 1,137.77 points. With this, the market capitalization of BSE listed companies declined by Rs 4,90,162.55 crore to Rs 2,76,64,566.79 crore. It has fallen for the third consecutive day in the stock market and during this time the BSE index has fallen 1,620.82 points or 2.71 percent. Investors’ wealth has declined by Rs 6,77,646.74 crore in the last three days.

Selling in the stock market due to falling rupee

The local stock market was also affected as the rupee hit the lowest level of 81 per dollar for the first time against the US currency. Among the Sensex stocks, POWERGRID was the biggest loser of 7.93 per cent. Mahindra & Mahindra, State Bank of India, Bajaj Finserv, Bajaj Finance, NTPC, HDFC and IndusInd Bank were also major losers. On the other hand, only Sun Pharma, Tata Steel and ITC closed with gains.

The current volatility may persist for some time.

Vinod Nair, Head of Research, Geojit Financial Services, said: “A rise in US 10-year bond yields and a strong dollar index pushed foreign institutional investors (FIIs) to sell in emerging markets.” “Lack of liquidity in the banking system, weak domestic currency and current premium valuations have raised the possibility of a slowdown in the market outlook in the short term,” he said. Nair said, “Global economic growth is in a slowdown due to aggressive monetary policy stance by central banks of many countries, while India is currently in a better position with accelerated credit growth and increased tax collections. The current volatility is somewhat May last for the time being. Investors should wait till the situation becomes clear.” On a weekly basis, the BSE Sensex lost 741.87 points or 1.26 per cent and the Nifty lost 203.50 points or 1.16 per cent. Joseph Thomas, Head of Research, Emkay Wealth Management, said domestic equity markets saw lower trading mainly on the back of developments in overseas markets and particularly in the US.

Global markets also fall

Apart from this, BSE Midcap fell 2.28 percent and Smallcap index fell 1.92 percent in the broader market. Global markets fell after central banks in other countries including the US, UK, Sweden and Switzerland hiked interest rates. In other Asian markets, South Korea’s Kospi, Japan’s Nikkei, China’s Shanghai Composite and Hong Kong’s Hang Seng ended in losses. European stock markets were in a downtrend in early trading. The US market declined on Thursday. Meanwhile, international oil benchmark Brent crude fell 1.87 per cent to $88.77 a barrel.

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