₹1.52 lakh crore investor wealth gone in last six sessions: What’s next?

Investors have lost more than 1.52 lakh crore in the last six trading sessions, dragged down by massive selling in the metal, energy and realty stocks amid a bearish trend in Asian and European markets.

In a volatile trade, the 30-share BSE Sensex declined 398.18 points or 0.69 per cent to finish at 57,527.10, with 24 of its constituents posting losses. During the day, the index witnessed a high of 58,066.40 and a low of 57,422.98.

The broader NSE Nifty fell 131.85 points or 0.77 per cent to slip below the psychological level of 17,000. The index settled at 16,945.05, with 41 of its scrips ending in the red.

There has been an erosion of 1.52 lakh crore in investor wealth as the BSE market capitalisation dropped from 256.05 lakh crore on 16 March, to 254.53 lakh crore on 24 March.

“Domestic equities came under pressure after Government passed the Finance Bill 2023 in Lok Sabha. As per the amendments, STT on the sale of options and futures has been increased. However, the clarity related to the hike is awaited. The bill also proposed to remove indexation benefits for Debt mutual funds,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

“All sectors ended in red with major selling seen in PSU Bank, Metals and Oil & Gas. Indian markets yet again witnessed last hour selling after sharp decline in European markets and uncertainty about the hike in STT on F&O trades,” Khemka said.

Bajaj Finserv was the biggest loser among the Sensex constituents, sliding 3.81 per cent, followed by Bajaj Finance, Tata Steel, RIL, HCL Tech, SBI, Larsen & Toubro and Mahindra & Mahindra, Axis Bank and Titan.

Falling for the second day in a row, index major Reliance Industries witnessed an intense sell-off and declined 1.96 per cent.

On the other hand, Kotak Mahindra Bank, Infosys, Tech Mahindra, Power Grid, Asian Paints and Wipro were the gainers.

“The first half was dull however pressure in the index majors changed the tone and pushed the Nifty index below the 17,000 mark. The fall was widespread wherein metal, realty and energy majors felt the maximum heat. Meanwhile, the broader indices underperformed and shed in the range of 1%-2%,” said Ajit Mishra, VP – Technical Research, Religare Broking Ltd.

Know your inner investor
Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.

Take the test

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.


Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button