Latest News | Investor Wealth Tumbles over Rs 3.78 Lakh Cr as Stocks Dive

New Delhi, Jan 18 (PTI) Investors' wealth on Tuesday tumbled by more than Rs 3.78 lakh crore as equities faced heavy selling pressure following weak global trends.

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The 30-share BSE index tanked 554.05 points or 0.90 per cent to settle at 60,754.86.

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Tracking weak trends, the market capitalisation of BSE-listed companies tumbled Rs 3,78,213.43 crore to Rs 2,76,24,224.28 crore.

The market capitalisation of BSE-listed firms had reached a lifetime high of Rs 2,80,02,437.71 crore on Monday.

"The weakness can be attributed to selling in the global markets after US 10-year bond yield moved above the 1.80 mark during the day," according to Parth Nyati, Founder, Tradingo.

Maruti was the biggest drag in the Sensex pack, shedding over 4 per cent, followed by UltraTech Cement, Tech Mahindra, HCL Tech and Tata Steel.

The BSE midcap index fell 2.20 per cent while smallcap index declined 1.92 per cent.

"Surge in oil prices and FIIs turning net sellers also added volatility in the domestic market. Globally, markets witnessed selling pressure following a surge in US treasury yield amid rate hike worries while oil prices rose on supply tension owing to the drone attack on UAE," Vinod Nair, Head of Research at Geojit Financial Services, said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)