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Investor wealth plummets Rs 2.69 trn as stock market witnesses steep fall

Press Trust of India/New Delhi 11 Oct 18 | 06:00 PM

Illustration by Ajay Mohanty

Investor wealth eroded by Rs 2.69 trillion Thursday hit hard by massive sell-off in the equity market where the BSE benchmark index plummeted over 1,000 points in intra-day trade.

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The 30-share index plunged 759.74 points, or 2.19 per cent, to end at 34,001.15.

Following the weak show by equities, the market capitalisation (m-cap) of BSE-listed companies witnessed an erosion of Rs 2.69 trillion to Rs 1.5 trillion.

"Indian stock markets have fallen sharply on Thursday. This is a continuation of the sharp fall we have witnessed in the stock prices over the last couple of weeks (except for one or two days).

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"While most of the earlier fall could be attributed largely to domestic factors - be it the IL&FS effect and fears of contagion thereon, or the ever increasing fuel prices due to the combined effect of weakening rupee and rising global crude prices etc the reason for Thursday's fall is clearly global, with the US markets falling sharply," said Dheeraj Singh, Head of Investments- Taurus Asset Management Co.

From the BSE 30-share blue chip pack, 27 scrips ended with losses led by SBI and Tata Steel.

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"Market sell-off has now become international, with last-man-standing index Dow Jones also starting its correction. The sell-off has turned out to be broad-based across industries and categories," said Jagannadham Thunuguntla, Sr VP and Head of Research (Wealth), Centrum Broking.

"Today's market sell-off is part of the global sell-off triggered by sharp cut in the mother market US," said VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

At the BSE, 1,765 scrips declined, while 819 advanced and 147 remained unchanged.

Nearly 370 scrips hit their 52-week lows on BSE.

The broader market also took a beating with mid-cap and small-cap indices falling up to 2.34 per cent.

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Company Price Gain (%)
Reliance Inds.1,295.802.63
Axis Bank781.852.49
Tata Steel497.602.36
Power Grid Corpn201.551.31


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