Investor wealth eroded by Rs 20.16 lakh crore in Monday morning trade as Indian equity markets witnessed a sharp selloff, tracking a global meltdown amid escalating trade war concerns. The BSE Sensex plunged 3,939.68 points, or 5.22%, to 71,425.01 in early trade, with all 30 constituents trading in the red.
The total market capitalisation of BSE-listed companies dropped from Rs 4,03,34,886.46 crore to Rs 3,83,18,592.93 crore, marking a steep loss of Rs 20,16,293.53 crore.
Tata Steel and Tata Motors were among the worst performers, falling over 10% each. Other major laggards included Larsen & Toubro, HCL Technologies, Adani Ports, Tech Mahindra, Infosys, TCS, Reliance Industries and Mahindra & Mahindra.
All BSE sectoral indices were under pressure, with the metal index slipping nearly 8%, followed by industrials (6.39%), commodities (6.14%), IT (5.71%), focused IT (5.57%), consumer discretionary (5.42%) and teck (4.84%). The smallcap and midcap indices also declined 6.62% and 5.01%, respectively.
The selloff followed a sharp correction in Asian markets, where Hong Kong’s Hang Seng fell over 11%, Nikkei 225 lost 7%, Shanghai Composite dropped nearly 7% and South Korea’s Kospi sank over 5%. On Friday, U.S. indices closed significantly lower, with the S&P 500 falling 5.97%, Nasdaq 5.82%, and Dow Jones 5.50%.
Brent crude futures were also trading lower, down 2.76% at USD 63.77 per barrel.
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