Investors’ wealth has eroded by over Rs 6.15 lakh crore in three days of market decline amid weak global cues and persistent selling by foreign funds.
The BSE benchmark Sensex tumbled for the third straight session on Friday to close at 59,306.93, down 677.77 points or 1.13 per cent.
In three days, the 30-share index has lost 2,043.33 points or 3.33 per cent.
Following the weak sentiment, the market capitalisation of BSE-listed companies eroded by Rs 6,15,583.53 crore in three days to stand at Rs 2,59,20,458.07 crore.
"Equity markets opened negative and plunged down in the initial tick, though it did recover somewhat in the first half of the session."
"However, selling pressure again gripped the market in the second half which led to markets closing with loss of over 1 per cent,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
He added that increased volatility during the week was due to weak global cues, premium valuation as well as profit-booking in the domestic market.
Tech Mahindra was the biggest laggard in the Sensex pack on Friday, declining 3.53 per cent, followed by NTPC, Kotak Bank and IndusInd Bank.
In contrast, UltraTech Cement, Dr Reddy’s, Maruti, Tata Steel, Titan and ICICI Bank were among the winners. In the broader market, the BSE midcap index ended 0.16 per cent higher, while the smallcap gauge declined 0.38 per cent.
In the broader market, the BSE midcap index ended 0.16 per cent higher, while the smallcap gauge declined 0.38 per cent."Indian markets declined with investors opting to book profits. Correction in the markets were broad based. FPIs in India have been selling equities over the past few trading sessions,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.