New Delhi : Huge decline in the wealth of investors The market witnessed huge sales of Rs 8,21,666.77 crore on Monday, which was not seen in many months.
The BSE benchmark Sensex ended 1,170.12 points or 1.96% lower at 58,465.89. It is the worst one-day drop for the gauge in seven months. This was the fourth consecutive session of decline in the Sensex.
The index lost 1,624.09 points during the day.
Market capitalization of listed companies on BSE fell after weak trend 8,21,666.77 Cr to 2,60,98,530.22 crore.
“Indian market witnessed a sharp sell-off in today’s trading session amid stable global cues. Heavyweight Reliance put pressure on the market, while withdrawal of agriculture laws bills and poor performance of Paytm IPO are some of the excuses for the long-awaited recovery. FIIs are selling, said Santosh Meena, Head of Research, Swastika Investmart Ltd., are persistent in the Indian market as they feel valuations have risen, but they still have a long-term outlook on India.
Bajaj Finance, Bajaj Finserv, Reliance Industries, NTPC, Titan and SBI were the biggest losers, falling up to 5.74%.
After Reliance Industries tumbled more than 4%, the company postponed a proposed deal to sell a 20% stake in its oil refinery and petrochemical business to Saudi Aramco for $15 billion.
“Weak listings and weak business continuity of Paytm, India’s largest new generation fintech, is a major emotional blow to the domestic market, which was thriving on a strong primary market. This will impact the inflow of funds from the retail segment, FIIs are also a seller due to the fear of overvaluation of India compared to peers, which has been a major player during the year.
“Weak inflows from FIIs will likely be higher due to the withdrawal of the three Agri Agriculture Acts, which stalls the reformist agenda of the government in the context of state elections coming next year. It is for India to trade at a premium to EM. was a key factor, said Vinod Nair, head of research, Geojit Financial Services.
One97 Communications, the parent company of Paytm, closed down over 13% at 1,360.30 per share on the BSE.
Midcap and smallcap indices fell up to 2.96% in the broader market.
Siddharth Khemka, Head of Retail Research, Motilal Oswal Financial Services, said, “Canceling of the Reliance-Aramco deal, withdrawal of Agri Agriculture Acts, continued selling by FIIs and disappointment with Paytm’s listings affected the market sentiment and led to the market slump. cause.” Ltd.
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