Investor wealth erodes by Rs 4.82 lakh cr as markets crash

A sharp plunge in the broader market pulled down investors' wealth by Rs 4.82 lakh crore on Thursday, with the BSE Sensex diving over 1,150 points.

New Delhi:A sharp plunge in the broader market pulled down investors' wealth by Rs 4.82 lakh crore on Thursday, with the BSE Sensex diving over 1,150 points. The 30-share benchmark tanked 1,158.63 points or 1.89 per cent to close at 59,984.70. During the day, it tumbled 1,365.75 points or 2.23 per cent to 59,777.58.

The market capitalisation of all BSE-listed companies declined by Rs 4,82,324.47 crore to stand at Rs 2,60,48,949.80 crore. "Bears continued to dominate domestic indices tracking cues from weak Asian and European markets ahead of a policy update from the European Central Bank. Globally investors are on the edge awaiting the US GDP data releasing later in the day along with the outcome of the Fed meeting scheduled for next week.

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"Domestic markets witnessed broad-based selling dragged by banking, metal and realty stocks," said Vinod Nair, Head of Research at Geojit Financial Services. In the broader market, the BSE midcap and smallcap indices declined up to 1.56 per cent.

ITC was the biggest laggard in the Sensex pack, falling 5.54 per cent, followed by ICICI Bank, Kotak Bank, Axis Bank, Titan, SBI and HDFC Bank.

"Relentless selling by FIIs over last two weeks has led to weakness in the market. Further mixed earnings season along with premium valuations also exerted pressure in the market as there is little room for disappointment," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.

PTI