Investor Wealth Crumbles As Markets Witness Selling Pressure

Investor wealth on Wednesday tumbled over Rs 3.27 lakh crore as markets witnessed massive selling pressure amid rising coronavirus cases in the country.

The BSE benchmark index plunged 871.13 points or 1.74 per cent to close at 49,180.31. During the day, it declined 931.1 points to 49,120.34.

Following the weak trend, the market capitalisation of BSE-listed companies tumbled Rs 3,27,967.71 crore to reach Rs 2,02,48,094.19 crore at the close of trade.

"Indian market witnessed across-the-board selling amid high volatility owing to weak global cues and spike in covid cases," said Vinod Nair, Head of Research at Geojit Financial Services.

M&M was the biggest loser from the BSE benchmark 30-share pack, declining 3.97 per cent, followed by SBI, Axis Bank, ICICI Bank, IndusInd Bank, ITC, and L&T.

Asian Paints and PowerGrid were the only gainers from the frontline companies pack.

All sectoral indices ended lower, with BSE realty, metal, auto, banks, industrials, and finance indices falling up to 2.93 per cent.

In the broader market, the midcap and smallcap indices fell up to 1.69 per cent.

At the BSE, 2,115 companies declined, while 842 advanced and 167 remained unchanged.