On the Bombay Stock Exchange, the total market capitalisation was down by Rs 41479 crore on Monday from last Friday's level of Rs 7,49,588 crore. The market cap of Sensex based scrips alone saw an erosion of Rs 19,982 crore. A similar fall was noticed in the rest of the market.

From its July 12 high of 4964, the Sensex based scrips have seen an erosion of Rs 56,234 crore in the combined market cap. The Sensex accounts for 43 per cent of the total marketcap on the BSE.

The broad market itself has seen a fall of six to seven per cent on Monday led by infotech leader Infosys which plunged below the Rs 7000-mark pulling almost every stock in the software sector. The selling was purely a sentiment driven one, say market sources.

Those who had stayed away from the market when the index had dipped below the 4000-mark are back to square one, though the current level is a shade above the psychological mark. One school of view has it that the scope for further erosion in assets is limited and the markets would bounce back. But then it's going to be tough for those who have lost in today's market to stage a come back, says a broker. The turnover on the bourses have shrunk rapidly over the last few weeks.

On Monday, the turnover on BSE was Rs 3497 crore. The combined turnover on both the exchanges has come down to about Rs 8000 crore from over Rs 10,000 crore. The heartening thing, however, is that the contribution of the technology stocks has come down considerably in the total turnover.