Investors' wealth on Tuesday tumbled by more than Rs 3.78 lakh crore as equities faced heavy selling pressure following weak global trends.
The 30-share BSE index tanked 554.05 points or 0.90 per cent to settle at 60,754.86.
Tracking weak trends, the market capitalisation of BSE-listed companies tumbled Rs 3,78,213.43 crore to Rs 2,76,24,224.28 crore.
The market capitalisation of BSE-listed firms had reached a lifetime high of Rs 2,80,02,437.71 crore on Monday.
"The weakness can be attributed to selling in the global markets after US 10-year bond yield moved above the 1.80 mark during the day," according to Parth Nyati, Founder, Tradingo.
Maruti was the biggest drag in the Sensex pack, shedding over 4 per cent, followed by UltraTech Cement, Tech Mahindra, HCL Tech and Tata Steel.
The BSE midcap index fell 2.20 per cent while smallcap index declined 1.92 per cent.
"Surge in oil prices and FIIs turning net sellers also added volatility in the domestic market. Globally, markets witnessed selling pressure following a surge in US treasury yield amid rate hike worries while oil prices rose on supply tension owing to the drone attack on UAE," Vinod Nair, Head of Research at Geojit Financial Services, said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU