Investors’ wealth slumps over ₹5.59 lakh crore in three days of market fall

Investors’ wealth tumbled more than ₹5.59 lakh crore in three days of market fall as sentiments remained muted amid the Russia-Ukraine conflict and its impact on the global economy.

Continuing its decline for the third day on Friday, the BSE gauge plummeted 1,214.96 points or 2.20% to 53,887.72 during the day. It settled at 54,333.81, a decline of 768.87 points or 1.40%. In three days, the benchmark index tanked 1,913.47 points or 3.40%.

Tracking decline in equities, the market capitalisation of BSE-listed companies plunged ₹5,59,623.71 crore to ₹2,46,79,421.38 crore in three days.

“Markets ended the week with a sharp cut, reflecting the feeble global sentiment. After the sharp reaction in early trade, the benchmark oscillated in the broader range to finally settle around the day’s low,” Ajit Mishra, vice-president (research) of Religare Broking Limited, said.

In Friday’s trade, Titan, Maruti Suzuki India, Asian Paints, Mahindra & Mahindra and Hindustan Unilever Limited were the biggest drags on the Sensex, tumbling up to 5.05%.

In the broader market, the BSE midcap and smallcap indices also faced heavy selling, tumbling up to 2.36%. All BSE sectoral indices also finished with deep cuts, with auto, metal, consumer discretionary goods and services, consumer durables and realty taking the biggest hit, tanking up to 3.40%.

In the previous session, the 30-share BSE index finished 366.22 points or 0.66% lower at 55,102.68.