Profit booking, four days ahead of the expiry of February contracts, has wiped out market capitalisation worth Rs 30,000 crore (Rs 300 billion) in three days.
The market cap of all traded stocks declined 2.46 per cent to Rs 12,16,916 crore (Rs 12,169.16 billion) on Friday from Rs 12,46,902 crore (Rs 12,469.02 billion) on February 17.
The 50 stocks in the S&P CNX Nifty basket were the biggest losers in these three days, posting losses of Rs 19,963 crore (Rs 199.63 billion) in market cap.
Nifty has underperformed the broader markets by registering a 3.51 per cent fall against a 2.46 per cent fall for the entire market. The BSE Sensex stocks posted a lower decline of 3.06 per cent, with the market cap declining by Rs 13,410 crore.
The large cap A group stocks registered a fall of Rs 25,218 crore (2.33 per cent) in market cap in the last three days. The market cap of mid-cap or B1 group stocks fell Rs 3,460 crore (2.76 per cent) while the market cap of Z & T group stocks fell Rs 721 crore (3.83 per cent).
While broad markets reeled under profit booking, PSU stocks on the selloff list were major gainers. The market cap of ONGC increased by Rs 4,142 crore (4.05 per cent) in these three days.
The other major gainers were ITC (Rs 562 crore), IPCL (Rs 397 crore), Hero Honda (Rs 302 crore) and Cadila Healthcare (Rs 205 crore).
The major loss accrued to information technology stocks, which fell reacting to the possibility of a ban on outsourcing by the United State. The market cap of IT stocks declined by Rs 6,784 crore (5.38 per cent).
Banks were other major losers with their market cap down Rs 5,755 crore (Rs 57.55 billion) followed by personal care sector's market cap down Rs 3,298 crore (Rs 32.98 billion), steel (down Rs 2,233 crore), telecommunication (down Rs 1,497 crore) and pharmaceuticals (down Rs 1,223 crore).
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