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Sensex tanks 676 pts on foreign fund outflows, weak global trends

BSE-listed cos’ mcap eroded by Rs 3,46,947.54 cr to Rs 3,03,33,258.69 cr

Investors’ wealth eroded by Rs 3.46 lakh crore on Wednesday as equity markets took a sharp tumble amid weak global trends and foreign fund outflows.

The 30-share BSE Sensex fell by 676.53 points or 1.02 per cent to settle at 65,782.78. During the day, it plunged 1,027.63 points or 1.54 per cent to 65,431.68.

The NSE Nifty fell by 207 points or 1.05 per cent to end at 19,526.55.

In line with the weak trend in equities, the market capitalisation (mcap) of BSE-listed firms eroded by Rs 3,46,947.54 crore to Rs 3,03,33,258.69 crore.

“The Indian market witnessed a broad sectoral slide, affected by weak global market trends. Negative news regarding the US rating downgrade on fiscal concerns, coupled with weak factory activity data from Eurozone and China, led to widespread worries across the globe. Additionally, prolonged FII selling, triggered by a rise in US bond yields, has disrupted the mood of the domestic market,” said Vinod Nair, Head of Research at Geojit Financial Services.

From the Sensex pack, Tata Steel declined 3.45 per cent, followed by Tata Motors 3.19 per cent. Bajaj Finserv, NTPC, State Bank of India, JSW Steel, Larsen & Toubro and Bharti Airtel were among the other major laggards.

Nestle, Hindustan Unilever, Asian Paints, Tech Mahindra and UltraTech Cement were the gainers. In the broader market, the BSE midcap gauge fell by 1.39 per cent and smallcap index declined 1.18 per cent.

All indices ended lower with metal tumbling 2.45 per cent, utilities falling by 2.32 per cent, power (2.31 per cent), telecommunication (2 per cent), capital goods (1.83 per cent), auto (1.52 per cent), oil & gas (1.47 per cent), industrials (1.46 per cent), financial services (1.33 per cent) and commodities (1.22 per cent).

A total of 2,353 stocks declined while 1,240 advanced and 139 remained unchanged.

Brent crude futures, the global oil benchmark,

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