Investors’ wealth eroded by Rs 7.62 lakh crore on Monday as markets witnessed yet another sharp fall, with the Sensex plunging 2,713.41 points as coronavirus scare continued to hit market sentiment.
The market capitalisation of BSE-listed companies dropped byRs 7,62,290.23crore to Rs 1,21,63,952.59 crore at the close of trade.
The drop in investor wealth was led by extreme weak broadermarket sentiment, where the Sensex witnessed another sharp fall after staging astrong comeback on Friday. The key index plummeted 2,713.41 points or 7.96 percent to close at 31,390.07.
“After a short breather on Friday, sell-off resumed inthe Indian markets following weak global cues despite the US Federal Reserve’semergency stimulus,” Ajit Mishra, vice-president (research), ReligareBroking Ltd, said.
He added that the broader markets BSE Midcap and Smallcapalso ended lower by 5.9 per cent and 5.7 per cent, respectively. “On thesector front, all the indices witnessed heavy selling pressure wherein metals,banks, realty and IT were the top losers.”
The entire BSE 30-share pack closed with losses, led byIndusInd Bank, Tata Steel, HDFC, Axis Bank and ICICI Bank tumbling up to 17.50per cent.
Market heavyweight Reliance Industries Ltd dropped 8.28 percent and was instrumental in dragging the markets sharply lower.
On the BSE, 2,047 scrips declined, while 411 advanced and160 remained unchanged.
A total of 478 companies hit their 52-week low.The equity markets suffered extreme panicselling last week, where the key BSE barometer plunged 3,473.14 points in total.