In yet another disappointing week for D-Street investors, the 30-share BSE Sensex on Monday closed down 364.91 points or 0.67% at 54,470.67 for the second consecutive session.
During the day, it fell over 900 points to 53,918.02. On Friday, the Sensex closed at 54,835.58, down 866.65 points or 1.56%.
investors’ assets 7.73 lakh crore was wiped out as domestic equity markets collapsed along with global riskier assets.
Equity fell for two days 7,73,582.29 crore by market capitalization of BSE-listed companies, which is now 2,51,91,307.08 crores.
Weakness in global markets, continued outflow of foreign funds and the rupee falling to its all-life low against the US dollar weighed on sentiments.
In the previous session, the rupee had hit a record low of 77.52 against the US dollar. It settled at 77.465.
“There is no respite for the markets from the slowdown, as weak Asian indicators and fall in European indices have dampened investor sentiments,” Srikanth said. Post the results, Reliance Industries was severely hit, which affected the overall markets Pulled off,” said Srikkanth. Chauhan, Head of Equity Research (Retail), Kotak Securities Limited
Reliance Industries was the top loser on the Sensex pack today, down 3.97%, after the company’s March quarter earnings failed to please investors.
IndusInd Bank, Nestle India, Tata Steel, Tech Mahindra, SBI, HUL and ITC were among other major laggards, falling up to 2.97%.
In contrast, PowerGrid, HCL Technologies, Infosys, Maruti, Bajaj Finserv and HDFC rose up to 2.83%.
Siddharth Khemka, Head of Retail Research, Motilal Oswal Financial Services Ltd. said, “Indian equity markets continued their sell-off with global competitors on slowing economic growth and rising inflation concerns. Global cues were weak. Overcoming inflationary gains.” Aggressive monetary tightening by central banks, which could slow economic growth, further dampened sentiments due to the COVID-induced lockdown in Shanghai.”
Global stocks remained under pressure on rising concerns about interest rate hikes by central banks amid inflation.
Foreign institutional investors continue their sell-off, sell shares of net worth 5,517.08 crore on Friday as per stock exchange data.
In the broader market, the BSE Smallcap gauge lost 1.67% and the Midcap index lost 1.89%.
Meanwhile, the initial public offering of state-owned insurer Life Insurance Corporation, the country’s largest, was subscribed 2.85 times on the last day of bidding as of 1003 GMT.