Investors’ wealth tumbled by ₹6,86,708.74 crore in morning trade on Monday following massive losses in the equity market as sentiments remained muted amid increasing Covid-19 cases in the country.
The 30-share BSE benchmark index plunged 1,479.15 points to 48,112.17 in morning trade.
Tracking losses in equities, the market capitalisation of BSE-listed companies eroded by ₹6,86,708.74 crore to ₹2,02,76,533.13 crore.
IndusInd Bank was the biggest loser among the 30-share companies pack, declining over 7 per cent, followed by SBI, Bajaj Finance and Axis Bank.
“Domestic equities do not look to be inspiring at the moment. A sharp increase in Covid-19 daily cases in the country, and possibility of large economic restrictions, are expected to keep investors nervous in the near term. Further, the possibility of lockdown in large states like Maharashtra will weigh on investors’ sentiments.
“Additionally, recent weakness in INR may also aggravate investors’ concerns. However, 4Q FY21 earnings, wherein IT majors are scheduled to deliver their numbers this week, are to be in focus,” said Binod Modi, Head Strategy at Reliance Securities.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.