In line with the weak trend in equities, the market capitalization of BSE-listed companies fell by Rs 2,61,145.72 crore to Rs 2,51.6,630.06 crore on Tuesday.

Investors got poorer by more than Rs 2.61 lakh crore as the five-day stock market rally ground to a halt on Tuesday, with benchmark indices falling sharply.

In a highly volatile trade, the Sensex fell 709.17 points or 1.26 percent to close at 55,776.85. Over the course of the day, the benchmark index fell 1,067.07 points, or 1.88 percent, to 55,418.95.

In line with the weak trend in equities, the market capitalization of BSE-listed companies fell by Rs 2,61,145.72 crore to Rs 2,51.6,630.06 crore on Tuesday.

“Domestic indices have wiped out their early gains amid weakness in global markets. The rise in retail inflation to 6.07% in February also had an impact on sentiment. Global markets witnessed weakness as a series of events such as the fourth round of sanctions against Russia, concerns about new coronavirus cases in China and an expected rate hike from the US Fed weighed on investor sentiment.

“While the drop in oil and metal prices capped the downward trend,” said Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services Ltd.

Of the 30-stock Sensex package, Tata Steel, Kotak Mahindra Bank, Tech Mahindra, Infosys, Reliance Industries Limited and HCL Tech were the main barriers. Tata Steel was the biggest laggard, falling 4.89 percent.

By contrast, Mahindra & Mahindra, Maruti Suzuki, Asian Paints, Titan and Nestle India were among the winners.

In the broader market, the BSE mid-cap meter fell 0.68 percent and the small-cap index fell 0.88 percent.

With the exception of auto, all sectoral BSE indices were lower, with metals storage the strongest at 4.34 percent, followed by oil and gas, energy and IT.


This post Investors poorer by over Rs 2.61 lakh crore as markets halt five-day winning momentum was original published at “https://www.financialexpress.com/market/investors-poorer-by-over-rs-2-61-lakh-crore-as-markets-halt-five-day-winning-momentum/2461918/”

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