/Investor wealth drops Rs 3.30 lakh crore as equity markets tank

Investor wealth drops Rs 3.30 lakh crore as equity markets tank

New Delhi: Investor wealth on Tuesday fell by Rs 3,30,408.87 crore after equity markets came under heavy selling pressure following sell-off in global stocks as rout in crude oil hit investor sentiment.

The Sensex tumbled 1,011.29 points, or 3.20 per cent, to close at 30,636.71.

Led by the sharp fall in the index, the market capitalisation of the BSE-listed companies dropped Rs 3,30,408.87 crore to Rs 1,20,42,172.38 crore.

“After the US crude oil crash, Indian markets, in sync with global markets traded negatively, as the extent of the impact of lockdowns and the global slowdown is becoming evident. Corporate earnings have also been impacted by the pandemic related shutdowns. Post-earnings management guidance has also not given clear indication about the recovery path,” Vinod Nair, head of research at Geojit Financial Services, said.

IndusInd Bank was the worst hit in the Sensex pack, dropping over 12 per cent, followed by Bajaj Finance, ICICI Bank, Axis Bank, Tata Steel, M&M, ONGC and Maruti, while Bharti Airtel, Hero MotoCorp and Nestle India were the gainers in the 30-share pack.

In the broader market, the S&P BSE Midcap and Smallcap indices fell by 2.73 per cent and 2.96 per cent, respectively.

At the BSE, 1,697 companies declined, while 716 advanced and 152 remained unchanged.

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