In line with the sluggish trend in the stock market, investors’ wealth fell by Rs 3.23 lakh crore in early trade on Monday.
The BSE Sensex closed 1,466.4 points or 2.49% lower at 57,367.47 in morning trade.
Given the weak trend in equities, the market capitalization of BSE-listed firms declined by ₹3,23,123.54 crore to ₹2,73,72,988.06 crore.
Tech Mahindra, Infosys, HCL Technologies, Wipro, Tata Consultancy Services, Tata Steel and Bajaj Finance were trading sharply lower from the Sensex pack.
Hindustan Unilever, Maruti, Nestle and UltraTech Cement were the only gainers.
“Domestic equity markets are likely to retreat sharply in early trading Monday, as US Fed Chairman Jerome Powell indicated in his speech on Friday that interest rates may continue to rise to keep inflation under control. , as the entire Asian pack is trading in dark red colour.
“Mr Powell said failure to restore price stability would mean a lot of pain,” said Prashant Taapsee, Senior VP (Research) – Research Analyst, Mehta Equities Ltd.
In the broader market, both the BSE Midcap and Smallcap indices were trading lower by over 1%.
Asian markets in Seoul, Tokyo, Shanghai and Hong Kong were trading in the red in mid-session deals.
On Friday, the US markets closed down significantly.
Meanwhile, international oil benchmark Brent crude climbed 0.86% to $101.9 a barrel.
Foreign institutional investors (FIIs) offloaded shares worth Rs 51.12 crore on Friday, according to exchange data.