Highest value erosion of 15.3% in terms of M-Cap was seen in transport/airlines/travel agencies, followed by computer/education (14.5%), leather and leather products (13.5%), housing and finance (13.3%), breweries and distilleries (12.9%), pesticides and agrochemicals (12.9%), textiles/products (12.4%), textiles-large (2%), paper and paper products (11.9%), textile composite (11.4%), electronics consumer (11.8%), food processing (Indian) (11.2%), glass and glass products (11.1%) and detergents/intermediates (11.1%), pharmaceuticals (Indian bulk drugs) (11.1%).
A significant decline in M-Cap on March 24 was seen in refinery stocks from March 9 levels. The total market capitalisations of nine refinery stocks decreased 7.8% to Rs 2,09,750 crore on March 24 from Rs 2,27,406 crore on March 9. Among refinery stocks, Indian Oil lost Rs 5,753 crore a fall of 10.2% over its March 9 level of Rs 56,152 crore. Bongaigaon Refinery also shed 3.2% in its M-Cap. BPCL lost Rs 871 crore during the study period.
Besides refineries, M-Cap of public sector bank stocks showed a 9.8% decline to Rs 114,354 crore on March 24 from Rs 126,807 crore on March 9. Among the 18 PSBs stocks, a significant decline in M-cap was shown by Bank of India (-12.5%), Andhra Bank (-8.9%), Dena Bank (-9.1%) and SBI (-7.6%). The M-Cap of SBI decreased from Rs 37,938 crore to Rs 35,036 crore during the study period.
A fall in M-Cap was seen in the case of textiles-cotton/blended (-10.6%), pharmaceuticals-Indian-bulk drugs (-6.1%), breweries and distilleries (-12.9%), dyes and pigments (-9.8%) and leather and products (-13.5%). Less than 1% decline in M-Cap was seen in the case of healthcare (-0.2%) and electrodes-welding equipment(-0.1%) during the study period.
During the study period, the M-Cap of paints/varnishes sector saw a maximum rise of 6.7%, followed by diamond cutting and jewellery (4.3%) and textiles-manmade (3.7%). The study considers the M-Cap of 105 industry groups during March 9-24. The closing share prices have been computed from the official price lists published by BSE.