A sharp sell-off in the stock market wiped out over Rs 2 lakh crore from investors’ wealth today as the benchmark Sensex plummeted 587 points following weak domestic and global macroeconomic data.
Total investor wealth of BSE-listed companies tumbled by Rs 2,02,654.47 crore to Rs 96,25,276 crore.
The 30-share index plunged 586.65 points or 2.23 per cent to settle at 25,696.44. Intra-day, the blue-chip index crashed 703.21 points to 25,579.88.
“Tracking weak cues from both domestic and global front, equity benchmarks tanked today. Mainly, sentiments were downbeat in reaction to weak macro-economic data of GDP. Adding to that, negativity on global front pushed benchmarks lower as the day progressed,” said Jayant Manglik, President, Retail Distribution, Religare Securities Ltd.
A government data yesterday said that domestic growth had slowed down to 7 per cent in the June quarter from 7.5 per cent in the previous quarter, while a private survey today showed that China factory output shrank to a three-year low.
Among the 30-Sensex stocks, 29 ended with losses led by AXIS Bank, Hindalco Industries, Tata Steel and BHEL.
Sun Pharmaceutical was the only gainer with 0.34 per cent rise.
“Country’s key macro-data with slower GDP growth of April-June quarter, subdued Asian cues amid weakness in China’s economy, loomed over the trading sentiments,” said Vikas Singhania, Executive Director, Trade Smart Online.
At BSE, 2,093 stocks declined, while 595 advanced and 86 remained unchanged.