MUMBAI: Investors saw their wealth eroded by Rs9.65 lakh crore over four consecutive days of sharp decline in the equity market, with the BSE benchmark Sensex plunging 2,915 points.
The 30-share Sensex slumped 2,915.07 points or 3.54 per cent in the last four trading sessions. On Thursday, the index fell for the fourth straight session, tumbling 964.15 points or 1.20 per cent to settle at 79,218.05. During the day, it sank as much as 1,162.12 points or 1.44 per cent to touch 79,020.08.
Following the weak equity market trend, the market capitalisation of BSE-listed firms shrank by Rs9,65,935.96 crore to Rs4,49,76,402.63 crore ($5.29 trillion) over the four-day period.
The benchmark indices slipped below psychological levels on broad-based sharp decline after the US Fed’s hawkish stance raised concerns over fewer rate cuts next year. Rising US bond yields pushed global currencies, including the rupee, to new lows.
Sectoral trends
Among the 30 blue-chip stocks, Infosys, Bajaj Finserv, JSW Steel, Asian Paints, Bajaj Finance, ICICI Bank, Reliance Industries, Tata Consultancy Services, Tata Motors, and Tech Mahindra emerged as the biggest losers. On the other hand, Sun Pharma, Hindustan Unilever, and Power Grid were the only gainers.
Broader market indices also showed weakness. The BSE midcap gauge declined 0.30 per cent, while the smallcap index dipped 0.28 per cent.
Sectoral indices reflected the overall bearish sentiment, with Focused IT tumbling 1.20 per cent, followed by consumer durables (1.15 per cent), IT (1.13 per cent), capital goods (1.07 per cent), and financial services (1.05 per cent).
Global, institutional cues
Global markets mirrored the sell-off, with Asian indices in Seoul, Tokyo, Shanghai, and Hong Kong ending lower. European markets also traded in negative territory, while Wall Street closed sharply lower on Wednesday.
Foreign Institutional Investors (FIIs) continued their sell-off, offloading equities worth Rs1,316.81 crore on Wednesday, according to exchange data.
On the BSE, 2,315 stocks declined, 1,680 advanced, and 100 remained unchanged, underscoring the broad-based nature of the market rout.
