Investors' wealth has tumbled by over Rs 11.28 lakh crore in four days, tracking a heavy decline in equities amid intensifying conflict between Russia and Ukraine.
Sliding for the fourth straight day on Monday, the BSE benchmark Sensex plummeted 1,491.06 points or 2.74 per cent to settle at 52,842.75, weighed by weak global equities and elevated crude oil prices. During the session, the benchmark tanked 1,966.71 points or 3.61 per cent to 52,367.10.
In tandem with the heavy sell-off in equities, the market capitalisation of BSE-listed companies plunged by Rs 11,28,214.05 crore in four days to stand at Rs 2,41,10,831.04 crore.
In the four sessions, the BSE benchmark has shed 3,404.53 points or 6.05 per cent.
"Markets plunged sharply lower and lost over 2 per cent, tracking a continuous surge in crude and feeble global cues. Markets are rattled with a sharp surge in crude amid fear of further sanctions on Russia. Besides, there's no sign of de-escalation of tension between the two nations.
"In short, we expect volatility to remain high and suggest keeping a close watch on global markets for cues. On the domestic front, state elections exit polls and actual results on March 10 would be actively tracked," said Ajit Mishra, VP - Research, Religare Broking Ltd.
International oil benchmark Brent crude surged 5.76 per cent to USD 124.7 a barrel.
From the 30-share Sensex pack, IndusInd Bank, Axis Bank, Maruti Suzuki, Bajaj Finance, Bajaj Finserv, UltraTech Cement and Mahindra & Mahindra were the biggest drags, tumbling up to 7.63 per cent.
In contrast, Bharti Airtel, HCL Technologies, Tata Steel and Infosys settled in the green.
Among BSE sectoral indices, realty, bank, finance and auto finished with deep cuts.
Foreign institutional investors continued their selling spree in Indian markets as they offloaded shares worth Rs 7,631.02 crore on a net basis on Friday, according to exchange data.
(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