Investors’ wealth fell amid bearish trend in foreign markets ₹5.31 lakh crore in just two days of decline in equity market.
The BSE Sensex closed 524.96 points or 0.89% lower at 58,490.93 on Monday, slipping for the second consecutive session. Meanwhile, it closed 626.2 points lower at 58,389.69 during the day. It had closed 125.27 points or 0.21% lower at 59,015.89 in the previous session.
Market capitalization of listed companies on BSE fell after weak trend ₹5,31,261.2 crore will reach in two days ₹2,55,47,093.92 crores.
Commenting on the trend, Vinod Nair, Head of Research, Geojit Financial Services, said, “Following high volatility and weak global sentiments, the domestic market turned bearish with metals and PSU banks leading the downside rally. Was.”
“Global markets traded negative as investors were cautious ahead of several central bank policy meetings scheduled for this week.”
The biggest loser in the index was Tata Steel which fell 9.53%. It was followed by SBI, IndusInd Bank and HDFC. Meanwhile, HUL, Bajaj Finserv, ITC, HCL Tech, Nestle India, Bajaj Finance and RIL closed with gains.
Sector-wise, BSE Metal, Basic Materials, Realty, Power and Utilities indices fell up to 6.80%, while FMCG ended with gains. In the broader market, the BSE Midcap and Smallcap indices fell up to 1.84%.
“Two key factors playing on the minds of global investors include the build-up of uncertainty in the Chinese real estate market due to the upcoming Fed meeting and tensions on one of the major asset players in the country,” said Milind Muchala, executive director, Julius Baer. “
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