: Equity investors poorer by over Rs 6.18 lakh crore #finance #StockMarketNEWS #Business Press Trust of India New Delhi Investors have become poorer by over `6.18 lakh crore as markets took a

Posted in: #finance #StockMarketNEWS #Business

Equity investors poorer by over Rs 6.18 lakh crore #finance #StockMarketNEWS #Business
Press Trust of India

New Delhi

Investors have become poorer by over `6.18 lakh crore as markets took a heavy beating on Friday.

The 30-share BSE Sensex tanked 1,093.22 points or 1.82% to settle at 58,840.79. During the day, it tumbled 1,246.84 points or 2% to 58,687.17.

The market capitalisation of the BSE-listed firms eroded by `6,18,536.3 crore to `2,79,68,822.06 crore on Friday.

The BSE benchmark has fallen for the third day in a row on Friday, down 1,730.29 points or 2.85%.

In three days, investors wealth has tumbled `7,02,371.88 crore.

“Indian markets were the worst performers in the Asian pack, as higher inflation and likely aggressive rate hikes by the U.S. Fed sent stocks tumbling across the board. We are likely to see strong bouts of volatility in the coming sessions as global slowdown looms large,�? said Amol Athawale, Deputy Vice President Technical Research, Kotak Securities Ltd.

In the broader market, the BSE midcap gauge tanked 2.85% and smallcap index declined 2.38%.

All the BSE sectoral indices ended in the negative zone, with realty tumbling 3.53%, followed by IT (3.37%), basic materials (3.05%) and auto (2.67%).

“With persistent bearish pressure from global stocks amid rising yields and dollar index, the domestic market surrendered to the global trend despite its strong decoupling scenario and encouraging macroeconomic data,�? said Vinod Nair, Head of Research at Geojit Financial Services.

As many as 2,532 stocks declined, while 972 advanced and 106 remained unchanged.