India News | Investors' Wealth Erodes by Rs 8.9 Lakh Cr as Sensex Tumbles for Sixth Straight Day
Get latest articles and stories on India at LatestLY. Market investors became poorer by Rs 8.90 lakh crore as Sensex extended its losing streak for the sixth straight session and settled sharply lower on Monday dragged down by heavy selling in bellwether stocks amid mixed global trends and outflow of foreign funds.
New Delhi, Oct 7 (PTI) Market investors became poorer by Rs 8.90 lakh crore as Sensex extended its losing streak for the sixth straight session and settled sharply lower on Monday dragged down by heavy selling in bellwether stocks amid mixed global trends and outflow of foreign funds.
The market capitalisation of BSE-listed firms slumped Rs 8,90,153.84 crore to Rs 4,51,99,444.70 crore (USD 5.38 trillion) from Rs 4,60,89,598.54 (USD 5.49 trillion).
Falling for the sixth consecutive session, the BSE Sensex tumbled 638.45 points or 0.78 per cent to settle at 81,050. During the day, it plummeted 962.39 points or 1.17 per cent to 80,726.06.
In the past six trading sessions, the 30-share BSE Sensex tanked 4,521.85 points or 5.28 per cent. The market capitalisation of BSE-listed firms plummeted by a massive Rs 25.16 lakh crore to Rs 4,51,99,444.70 (USD 5.38 trillion) since September 27, 2024.
"Indian shares declined on Monday, driven by heightened tensions in the Middle East and subdued quarterly earnings, which dampened investor sentiment.
"Foreign investors withdrew funds from Indian markets, shifting focus to more affordable markets like China and Hong Kong," Ameya Ranadive, Chartered Market Technician, CFTe, Senior Technical Analyst at StoxBox, said.
From the 30 Sensex firms, Adani Ports & Special Economic Zones, NTPC, State Bank of India, PowerGrid, IndusInd Bank, Axis Bank, HDFC Bank, Titan and UltraTech Cement were the major laggards.
Mahindra & Mahindra, ITC, Bharti Airtel, Infosys, Bajaj Finance, Tata Consultancy Services and Tech Mahindra defied the trend.
"Even the exit poll outcome of the two states (Haryana and Jammu & Kashmir) are not in favour of the ruling government at the centre, which has further dampened investors' sentiment," Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, said.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 8,293.41 crore on Monday, while Domestic Institutional Investors (DIIs) bought equities worth Rs 13,245.12 crore, according to exchange data.
A total of 3,493 stocks declined, while 568 advanced and 117 remained unchanged on the BSE.
(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)