The BSE Sensex hit its all-time peak of 75,124.28 on April 9
New Delhi: Investors’ wealth eroded by Rs9.30 lakh crore in four days of a sharp correction in the markets amid concerns over fading rate cut hopes, foreign fund outflows and the ongoing conflict in the Middle East.
The 30-share BSE Sensex tanked 454.69 points or 0.62 per cent to settle at 72,488.99 on Thursday. In four days, the benchmark has lost 2,549.16 points or 3.39 per cent.
The market capitalisation of BSE-listed companies diminished by Rs9,30,304.76 crore to Rs 3,92,89,048.31 crore ($4.70 trillion) in four days.
“Markets witnessed frenzied selling towards the closing stages in a highly volatile trading session, as concerns over fading rate cut hopes and persisting FII fund exodus from local stocks dampened investors’ sentiment.
“Even as the Indian economy has been resilient and managed to dodge global worries, worries of stubborn inflation, rising instances of geopolitical tensions and delay in interest rate cut have fuelled profit-taking,” Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, said.
The BSE Sensex hit its all-time peak of 75,124.28 on April 9. The index breached the historic 75,000 mark for the first time on the same day.
On April 10, the 30-share BSE benchmark Sensex ended above the 75,000 mark for the first time.
The market capitalisation of BSE-listed companies went past the coveted Rs400 lakh crore mark for the first time on April 8.
However, from April 12 onwards the markets have been falling.
Stock markets were closed on Wednesday on account of Ram Navami.
