NEW DELHI: Investor wealth fell by more than Rs 3.39 lakh crore in morning trading on Monday as stock markets went into freefall, with the sensex plunging 1,291.93 points. The BSE benchmark fell 1,291.93 points to 57,047 in morning trade after a weak open.
Following the weak equity trend, the market capitalization of BSE-listed companies fell from Rs 3,39,088.04 crore to Rs 2,68,63,975.53 crore.
“In the short term, the headwinds are building for the market. Overall sentiment is negative with the dollar index above 100, a 10-year yield above 2.8% and the global economy set to weaken if the war in Ukraine drags on.
“Back home in India, Infosys’ results were worse than expected with growing attrition and weakened margins, even though growth prospects look bright,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services. .
Of the pack of 30 stocks, Infosys, Tech Mahindra, HDFC and HDFC Bank were the big laggards.
In contrast, NTPC, Tata Steel, HUL and M&M were the winners.
In Asia, markets were trading lower, with Seoul, Shanghai and Tokyo trading in the red.
Foreign institutional investors continued to sell shares worth Rs 2,061.04 crore on Wednesday, according to exchange data.
Fellowships were closed on Thursday for Mahavir Jayanti and Dr Babasaheb Ambedkar Jayanti, as well as Friday due to Good Friday.