Rs 7-trn investor wealth evaporates in 2 sessions
Investor wealth has eroded by over Rs 7 lakh crore in two days of market crash as sentiment remained muted amid rising Covid-19 cases in the country.
image for illustrative purpose
New Delhi: Investor wealth has eroded by over Rs 7 lakh crore in two days of market crash as sentiment remained muted amid rising Covid-19 cases in the country. Tracking the weak sentiment, the market capitalisation of BSE-listed companies declined by Rs 7,00,591.47 crore to Rs 1,98,75,470.43 crore in two days. "The selling pressure has intensified in the last couple of sessions owing to weak global cues and concerns over the second wave of Covid cases," said Ajit Mishra, V-P (research), Religare Broking Ltd.
"Increased rate of infection across the country and world is creating more pessimism in the market, which has increased today due to monthly expiry. After the stellar rally, the market was on a consolidation stage during the last one month, which amplified post the sudden rise in infection impacting future economic growth," said Vinod Nair, head (research) at Geojit Financial Services.
At the BSE, 2,247 companies declined, while 706 advanced and 168 remained unchanged. In the broader market, the BSE midcap and smallcap indices declined up to 2.22 per cent. The 30-share BSE Sensex tumbled 740.19 points or 1.51 per cent to close at 48,440.12 on Thursday. In two days, the benchmark index has plunged 1,611.32 points or 3.21 per cent.
