Investors' wealth tumbles by Rs 5.14 lakh cr as markets plunge nearly 2 pc
New Delhi: Investors' wealth eroded by Rs 5.14 lakh crore on Wednesday as stock markets fell after a day's breather due to a surge in global crude oil prices amid growing tensions in West Asia.
The 30-share BSE Sensex tumbled 1,342.27 points or 1.72 per cent to settle at 76,863.71. During the day, it dropped 1,446.72 points or 1.84 per cent to 76,759.26.
The market capitalisation of BSE-listed companies faced an erosion of Rs 5,14,063.2 crore to Rs 4,41,90,196.39 crore (USD 4.81 trillion).
Brent crude, the global oil benchmark, jumped 5.76 per cent to USD 92.86 per barrel.
"Markets plunged sharply on Wednesday, losing over one and a half per cent and resuming their corrective phase amid weak global cues and heightened geopolitical tensions. Investor sentiment remained fragile as escalating geopolitical tensions in the Middle East continued to unsettle global markets and push volatility higher.
"Concerns over potential disruptions to crude oil supply, rising inflationary pressures and the possible impact on economic growth kept participants cautious," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
Additionally, continued foreign institutional investor selling and weakness in the rupee further dampened risk appetite, he added.
From the 30-Sensex firms, Bajaj Finance, Axis Bank, Bajaj Finserv, Mahindra & Mahindra, Maruti, Bharti Airtel, Trent and Kotak Mahindra Bank were among the major laggards.
NTPC, Sun Pharma and Power Grid were the gainers.
Among BSE sectoral indices, auto tumbled 3.06 per cent, bankex (2.06 per cent), Private Banks index (2.03 per cent), BSE Top 10 Banks (2.03 per cent), financial services (1.99 per cent), consumer discretionary (1.89 per cent) and PSU Bank (1.87 per cent).
In contrast, BSE energy, healthcare, utilities, oil & gas and power were the gainers.
The BSE midcap select index tanked 1.55 per cent, and the smallcap select index declined 0.61 per cent.
A total of 2,380 stocks declined, while 1,881 advanced and 153 remained unchanged on the BSE.
