Investors’ wealth tumbles over Rs 3.39 lakh crore as markets plunge

NEW DELHI: Investors’ wealth tumbled over Rs 3.39 lakh crore in morning trade on Monday as equity markets went into a tailspin, with the sensex plunging 1,291.93 points. The BSE benchmark index tanked 1,291.93 points to 57,047 in morning trade after a weak opening. Tracking the weak trend in equities, the market capitalisation of BSE-listed firms tumbled Rs 3,39,088.04 crore to Rs 2,68,63,975.53 crore.

In the near-term, headwinds are getting stronger for the market. Globally, sentiments are negative with the dollar index above 100, 10-year yield above 2.8 per cent and global economy expected to weaken if the Ukraine war prolongs. “Back home in India, Infosys results came worse-than-expected with rising attrition and weakening margins even though growth prospects appear bright,” according to V K Vijayakumar, chief investment strategist at Geojit Financial Services.

From the 30-share pack, Infosys, Tech Mahindra, HDFC and HDFC Bank were the major laggards. In contrast, NTPC, Tata Steel, HUL and M&M were the gainers. In Asia, markets were trading lower, with Seoul, Shanghai and Tokyo quoting in the red.

Foreign institutional investors continued to offload shares worth Rs 2,061.04 crore on Wednesday, according to exchange data. Stock markets were closed on Thursday for Mahavir Jayanti and Dr Babasaheb Ambedkar Jayanti, as well as on Friday on account of Good Friday.