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  1. Monday mayhem wipes off Rs 2.28 lakh crore from BSE market cap as global cues spook markets

Monday mayhem wipes off Rs 2.28 lakh crore from BSE market cap as global cues spook markets

Monday mayhem wiped off around Rs 2.28 lakh crore in the total market capitalisation of BSE-listed companies on account of weak global cues amid falling rupee.

By: | New Delhi | Updated: September 12, 2016 4:34 PM
BSE Sensex, NSE Nifty Monday mayhem wiped off around Rs 2.28 lakh crore in the total market capitalisation of BSE-listed companies on account of weak global cues amid falling rupee.

Monday mayhem wiped off around Rs 2.28 lakh crore in the total market capitalisation of BSE-listed companies on account of weak global cues amid falling rupee. Benchmark BSE Sensex closed 443.71 points, or 1.54 per cent, down at 28353.54, while Nifty 50 index shed 151.10 points, or 1.70 per cent, at 8715.60. Total market capitalisation of BSE-listed companies slipped to Rs 109.86 lakh crore from Rs 112 lakh crore on Friday. Traders also remained cautious ahead of IIP data for July and inflation data for August scheduled to be released later in the day.

In the 50-share index, Infosys, Tech Mahindra, Wipro, Tata Consultancy Services and Reliance Industries advanced 1.88 per cent, 1.27 per cent, 0.28 per cent, 0.24 per cent and 0.23 per cent, respectively. On the other hand, Hindalco, YES Bank, Tata Steel, Bank of Baroda and Ambuja Cement slipped 8.81 per cent, 6.01 per cent, 5.74 per cent, 5.73 per cent and 4.64 per cent, respectively.

Jayant Manglik, president, retail distribution, Religare Securities said, “Nifty slipped on Monday on account of feeble global cues. Sentiments soured with looming uncertainty on rate hike by the US Fed in upcoming policy meet on September 21.”

Barring the BSE TECk index (up 0.26 per cent), rest all other sectoral indices on BSE ended the day in red. The BSE Realty index tumbled the most — 5.23 per cent, followed by BSE Metal index (down 4.34 per cent), BSE Capital Goods index (down 3.25 per cent) and BSE Power index (down 3.14 per cent).

Other Asian peers also ended in deep red on Monday as hawkish comments from several Federal Reserve officials, renewed concerns about North Korea’s nuclear test, a sell-off in bond and oil markets spooked investor sentiments. Hang Seng slipped 3.36 per cent, or 809.10 points to 23290.60 on Monday. Shanghai and Nikkei also shed 1.85 per cent and 1.73 per cent to 3021.98 and 16672.92, respectively.

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