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Rediff.com  » Business » Market mayhem wipes off Rs 13.44 lakh cr investor wealth

Market mayhem wipes off Rs 13.44 lakh cr investor wealth

Source: PTI
February 24, 2022 18:24 IST
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Investor wealth worth over Rs 13.44 lakh crore was wiped off on Thursday as the domestic equity markets tumbled along with global risk assets, after Russia launched military operations against Ukraine.

Wealth

Photograph: Francis Mascarenhas/Reuters

Amid intensifying rout in the global financial markets, the 30-share BSE Sensex plummeted 2,702.15 points or 4.72 per cent to end at 54,529.91.

The carnage on Dalal Street eroded investor wealth worth Rs 13,44,488.54 crore, taking the total market capitalisation (m-cap) to Rs 2,42,24,179.79 crore on the BSE.

 

The m-cap of BSE-listed companies stood at Rs 2,55,68,668.33 crore at the end of trading on Wednesday.

Traders said incessant foreign fund outflows also weighed on the markets.

On a net basis, foreign institutional investors sold equities worth Rs 3,417.16 crore on Wednesday, data available with stock exchanges showed.

Brent crude oil prices surged past the $100-a-barrel mark amid geopolitical worries. Global oil benchmark Brent crude futures jumped 7.92 per cent to $104.51 per barrel.

"Equities witnessed a free fall with markets around the globe down more than 5 per cent, while Russian markets were down more than 30 per cent as Russia invaded Ukraine after weeks of conflict," said Siddhartha Khemka, head - Retail Research, Motilal Oswal Financial Services Ltd.

Nifty saw a steep fall of 800 points as sentiments soured over intense military assault by Russia.

Sellers outpaced buyers as volatility intensified on the day of monthly F&O expiry.

All the sectoral indices were in red, with the majority of the sectors down almost 5-8 per cent.

"Sentiments took a hit with Nifty now down by 13 per cent from its high of 18604. Markets are likely to remain under pressure given the escalation of Russia-Ukraine conflict into a war-like situation.

"Any reaction from NATO / US armies is only going to worsen the situation further.

"Advice trades to remain with negative bias while investors need to keep calm and patience to tide over the current situation," Khemka added.

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