Investors poorer by over Rs 5 lakh crore in early trade as markets tumble

NEW DELHI: Equity investors became poorer by over Rs 5 lakh crore in early trade on Thursday as domestic benchmark indices tumbled mirroring weak trends in global equities.

The 30-share BSE benchmark Sensex tanked 1,154.78 points to 53,053.75 in early deals tracking weak global markets, persistent foreign fund outflows and a spurt in crude oil prices.

The weak broader market trend pulled down the market capitalisation of BSE-listed firms by Rs 5,02,731.03 crore to Rs 2,50,74,714.78 crore in early trade.

From the Sensex firms, Tech Mahindra, Infosys, Wipro, HCL Technologies, IndusInd Bank and TCS were the biggest laggards. ITC emerged as the only gainer from the 30-share pack.

Asian markets in Seoul, Shanghai, Hong Kong and Tokyo were trading lower. Stock exchanges in the US had ended significantly lower on Wednesday. "US markets saw the worst sell-off since June 2020 as inflation fear looms," said Mohit Nigam, Head - PMS, Hem Securities.

Meanwhile, international oil benchmark Brent crude gained 1.63 per cent to USD 110.89 per barrel. Foreign institutional investors continued to offload shares worth Rs 1,254.64 crore on Wednesday, as per stock exchange data.