New Delhi: Investor wealth plunged over Rs 4 lakh crore in three days of market fall amid weak global trends and muted domestic sentiments.
Stock markets extended their losses for a third straight day with cumulative losses of 3.05 per cent or 1,184.15 points since July 18.
The 30-share index on Monday cracked 305.88 points or 0.80 per cent to settle at 38,031.13, a level not seen since May 17.
Led by losses in the equity market, the market capitalisation of the BSE-listed companies eroded by Rs 4,37,602.4 crore to Rs 1,44,76,204.02 crore in three days.
“Indian markets continued their losing streak on Monday led by muted domestic sentiments and unsupportive global cues. With lack of any fresh positive domestic triggers and uncertain global cues, we maintain our cautious stance on the Indian equity markets. We expect stock specific volatility to remain high in the coming sessions, as the markets are likely to be driven by the on-going earnings season,” said Ajit Mishra, vice-president (research), Religare Broking Ltd.
From the 30-share pack, HDFC twins were hit hard the most. HDFC plunged 5.09 per cent and HDFC Bank 3.32 per cent.
“Markets entered a bearish phase as investors turned sellers due to concerns over extension of economic slowdown and weak corporate earnings hurting the sentiment.
“This correction has expanded to large-caps which until now were attracting FII (foreign institutional investor) inflows, but concerns over tax and muted Q1 (first quarter) results will continue to impact,” said Vinod Nair, head of research, Geojit Financial Services Ltd.
Among BSE sectoral indices, finance, fast-moving consumer goods, bankex and realty indices on Monday cracked up to 2.28 per cent.
In the broader market, the BSE mid-cap and small-cap indices settled up to 1.15 per cent lower.
At the BSE, 1,757 scrips declined, while 768 advanced and 155 remained unchanged.
Over 600 scrips hit their 52-week low levels on the BSE. (PTI)
