About Rs 10 lakh crore wipes off from Indian stock markets in 3 days, Sensex loses 2400 points

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Published: February 6, 2018 11:02:46 AM

About Rs 10 lakh crore have been wiped off from the Indian stock markets in the last three days as global sell-off amplifies and BSE Sensex has lost over 2,400 points in the corresponding period.

The combined market capitalisation of BSE-listed companies has plunged by about Rs 9,95,757 crore in the last three days. (Image: Wikimedia Commons)

About Rs 10 lakh crore have been wiped off from the Indian stock markets in the last three days as global sell-off amplifies and BSE Sensex has lost over 2,400 points in the corresponding period. In the last three days, the S&P BSE Sensex has crumbled over 2,400 points to hit a one-and-half-month low of 33,482.81. Investors having exposure to Indian stock markets all across have lost an enormous amount of Rs 10 lakh crore in just three trading sessions on the back of global sell-off and LTCG (Long-Term Capital Gain) from equities being taxed at 10%. Today only, India’s stock markets fell off a cliff as panicky in global markets triggered a sell-off at Dalal Street with Sensex crashing 1,274 points and Nifty erasing as much as 390 points.

A market-wide sell-off pattern was observed in the Indian equities as the US benchmark index Dow Jones Industrial Average tumbled as many as 1,175.21 points on Monday, posting its biggest intraday decline in history shedding nearly 1,600 points. BSE Sensex lost 1,003.38 points or 2.89% to open at 33,753.78 whereas NSE Nifty cracked 371.4 points or 3.48% to begin at 10,295.15. The global indicator of NSE Nifty, SGX Nifty Futures faced a knee-jerk reaction in the early trades on Tuesday. The index plunged as many 394 points or 3.68% at 10,315.5 on the Singapore Stock Exchange on Tuesday, its lowest since 18 December 2017. This was the biggest intraday percentage drop since 9 November 2016.

Following a massive sell-off in the Indian equities, the combined market capitalisation of BSE-listed companies has plunged by about Rs 9,95,757 crore in the last three days. As at 10:50 am on Tuesday, the total market capitalisation of BSE-listed companies stood at Rs 1,43,04,243. The benchmark Sensex crumbled 1,274.35 points to hit a one-and-half-month low of 33,482.81 whereas the broader Nifty plummeted 390.25 points to a low of 10,276.3. Investor sentiments have taken a jolt after the Finance Minister Arun Jaitley introduced a 10% tax on LTCG from equities over Rs 1 lakh and raised the fiscal deficit target to 3.5% of GDP for the current fiscal.

Earlier yesterday, US stocks plunged in highly volatile trading on Monday, with both the S&P 500 and Dow Industrials indices slumping more than 4.0% as the Dow Jones notched its biggest intraday decline in history with a nearly 1,600-point drop and Wall Street erased its gains for the year, Reuters said in a report. The slumps in the benchmark S&P 500 index and the Dow Jones Industrial Average were the biggest single-day percentage drops since August 2011, a period of stock-market volatility marked by the downgrade of the United States’ credit rating and the euro-zone debt crisis. The Dow Jones Industrial Average fell 1,175.21 points or 4.6% to 24,345.75, the S&P 500 lost 113.19 points or 4.1% to 2,648.94 and the Nasdaq Composite dropped 273.42 points or 3.78% to 6,967.53.

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