Markets decline for third straight day, investors’ wealth erodes by `5.50 lakh cr

Mumbai: Equity benchmark indices Sensex and Nifty buckled under selling pressure for the third straight session to settle nearly 1 per cent lower on Thursday as investors pared exposure to auto, banking and financial shares amid a sluggish trend in global markets.

The 30-share BSE Sensex fell 570.60 points or 0.85 per cent to settle at 66,230.24. During the day, it plunged 672.13 points or 1 per cent to 66,128.71.

The Nifty declined 159.05 points or 0.80 per cent to end at 19,742.35.

The investors’ wealth eroded by Rs 5.50 lakh crore, while the market capitalisation of BSE-listed companies eroded by Rs 5,50,376.85 crore to Rs 3,17,90,603.86 crore in three days.

ICICI Bank was the biggest loser in the Sensex pack, slipping 2.81 per cent, followed by Mahindra & Mahindra, State Bank of India, UltraTech Cement, IndusInd Bank, Kotak Mahindra Bank, Tata Motors, Bajaj Finserv, Axis Bank and Power Grid.

Tech Mahindra, Bharti Airtel, Infosys, Asian Paints, Hindustan Unilever, Larsen & Toubro and Titan were the gainers.

The rupee consolidated in a narrow range to settle 2 paise lower at 83.13 against the US dollar on Thursday as crude oil price receded from its

elevated level.

Global oil benchmark Brent crude declined 0.81 per cent to $92.77 a barrel.