Investors Poorer by Rs 7.93 Lakh Crore in Just 3 Days of Market Crash
Stock markets in India traded in red due to multiple factors and equity investors incurred huge losses due to crash. The wealth of the equity traders declined by a whopping of Rs 7.93 lakh crore in just three days of market crash. The top factors behind the losses were escalating tensions in the Middle East and weak global trends. Continuing its downtrend for the third day running on Tuesday, the 30-share BSE Sensex tanked 456.10 points or 0.62 per cent to settle at 72,943.68. During the day, it slumped 714.75 points or 0.97 per cent to 72,685.03.
The combined market valuation of BSE-listed companies was eroded by Rs 7,93,529.61 crore to Rs 3,94,25,823.46 (USD 4.75 trillion) in three days. In the past three days, the BSE benchmark tanked 2,094.47 points or 2.79 per cent.
“Markets extended their losing streak for a third straight session on the back of weak global cues as a sharp rise in US bond yields due to rising Middle East tensions has made equity markets less attractive and prompted investors to resort to profit-taking. “Investors are fearing that the ongoing conflict could fuel buoyancy in crude oil prices and in turn weigh on inflation,” PTI quoted Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd in its report.
Titan Company, Hindustan Unilever, HDFC Bank, Maruti, Power Grid, Reliance Industries and ITC were the gainers.
From the Sensex basket, Infosys, IndusInd Bank, Bajaj Finserv, Wipro, HCL Technologies, Tech Mahindra, Bajaj Finance, Tata Consultancy Services and Larsen & Toubro were the major laggards.
