Investors’ wealth tumbles over 5.91 lakh cr in morning trade
Investors’ wealth tumbled over 5.91 lakh crore in morning trade on Monday tracking heavy decline in equities amid intensifying conflict between Russia and Ukraine.
Continuing its decline for the fourth day on Monday, the BSE gauge plummeted 1,735.98 points or 3.19 per cent to 52,597.83, tracking weak global equities and elevated crude oil prices.
In tandem with the heavy plunge in equities, the market capitalisation of BSE-listed companies plunged by Rs 5,91,094.71 crore to Rs 2,40,88,326.67 crore in morning deals.
Maruti Suzuki India, Indusind Bank, State Bank of India and Axis Bank emerged as the biggest drag from the 30-share BSE Sensex pack, tanking up to 6.72 per cent.
“The extraordinary uncertainty triggered by the war has pushed commodity markets into turmoil. Crude at USD 128 is a big shock. This can impact global growth and aggravate inflationary pressures. Market is slipping into bearish territory,” according to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
International oil benchmark Brent crude surged 8.84 per cent to USD 128.6 a barrel.
Foreign institutional investors continued their selling spree in Indian markets as they offloaded shares worth Rs 7,631.02 crore on a net basis on Friday, according to exchange data.