Market Selloff: Investor Wealth Declines By Rs 2.36 Lakh Cr

New Delhi: Investor wealth declined by Rs 2.36 lakh crore on Friday as domestic equity markets closed deep in the red amid a global selloff. The 30-share BSE Sensex tanked 633.76 points or 1.63 per cent to close at 38,357.18. During the day, it tumbled 741.17 points to 38,249.77. Following the massive selloff, the market capitalisation of BSE-listed companies plummeted Rs 2,36,937.69 crore to reach Rs 1,54,50,052.37 crore. “A selloff in US technology stocks had a cascading effect on global markets and Indian benchmark indices reacted to this and closed with losses,” said Vinod Nair, Head of Research at Geojit Financial Services. Among the 30 frontline companies, Axis Bank was the biggest loser, declining 4.07 per cent, followed by Tata Steel, SBI, NTPC, Bharti Airtel, ITC and ICICI Bank. Maruti was the lone gainer from the 30-share pack. All sectoral indices closed with losses, with BSE metal, power, telecom, realty, bankex and utilities indices falling up to 2.99 per cent. In the broader market, the BSE mid-cap and small-cap indices declined as much as 1.74 per cent. On the BSE, 1,722 companies declined, 1,003 advanced and 188 remained unchanged.

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