Latest News | Investors' Wealth Declines Rs 4.52 Lakh Cr as Markets Plunge
Get latest articles and stories on Latest News at LatestLY. Equity investors became poorer by Rs 4.52 lakh crore Tuesday as markets plunged due to intense selling in HDFC Bank amid fresh foreign fund outflows.
New Delhi, Aug 13 (PTI) Equity investors became poorer by Rs 4.52 lakh crore Tuesday as markets plunged due to intense selling in HDFC Bank amid fresh foreign fund outflows.
Extending its losses for the second straight day, the 30-share BSE Sensex tumbled 692.89 points or 0.87 per cent to settle at 78,956.03. During the day, it tanked 759.54 points or 0.95 per cent to 78,889.38.
The market capitalisation of BSE-listed firms declined by Rs 4,52,565.44 crore to Rs 4,45,30,265.42 crore (USD 5.30 trillion).
"The domestic market plunged into red terrain in the latter half, amidst mixed global sentiments. Recent IIP data indicates a lacklustre growth in the major manufacturing sector. Persistent selling by FIIs and elevated valuations are further contributing to the decline.
"All sectors, especially banking, metals, were in red, while HDFC Bank declined due to lower-than-expected passive fund inflows in the recent MSCI index rejig," said Vinod Nair, Head of Research, Geojit Financial Services.
From the 30 Sensex firms, HDFC Bank declined over 3 per cent. Bajaj Finance, Tata Motors, Tata Steel, State Bank of India, Power Grid and JSW Steel were the other laggards.
In contrast, Titan, HCL Tech, Nestle, Sun Pharma, Reliance and Mahindra & Mahindra were the gainers.
Foreign Institutional Investors (FIIs) again turned sellers on Monday as they offloaded equities worth Rs 4,680.51 crore after a day's breather, according to exchange data.
In the broader market, the BSE smallcap gauge declined 1.16 per cent, and the midcap index dipped 0.98 per cent.
Among the indices, commodities dropped 1.84 per cent, financial services declined 1.73 per cent, bankex (1.45 per cent), metal (1.37 per cent), services (1.18 per cent) and capital goods (0.84 per cent).
Consumer Durables emerged as the only gainer among the indices.
A total of 2,676 stocks declined while 1,266 advanced and 84 remained unchanged on the BSE.
(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)