Terrible Thursday: Investors lose over Rs 7 lakh crore today as Sensex slips below 27,000-mark

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Published: March 19, 2020 10:34:55 AM

S&P BSE Sensex saw its market capitalisation slip from Rs 113 lakh crore on its previous closing to Rs 106 lakh crore in the opening session today

Sensex, NiftySensex slipped below the crucial 27,000-mark for the first time in three years, while the broader Nifty 50 index breached the crucial 8,000-mark, to rule at 7,832 points.

As the Sensex and Nifty continued to be in tight grip of bears amid rising fears of coronavirus, investors’ wealth dropped by another 7.14 lakh crore in Thursday’s opening session. The 30-share index Sensex slipped below the crucial 27,000-mark for the first time in three years, to trade at 26,714 points, while the broader Nifty 50 index breached the crucial 8,000-mark, to rule at 7,832 points. S&P BSE Sensex saw its market capitalisation slip from Rs 113 lakh crore on its previous closing to Rs 106 lakh crore in the opening session today.

At close of trade on Tuesday, the market capitalisation of BSE-listed companies was at Rs 1,19,52,066.11 crore. Since Tuesday’s closing, investors became poorer by Rs 13 lakh crore.“Markets are not showing any sign of slowdown despite the sharp correction in the benchmark and stocks across the board. And, the pressure in the banking space has raised fresh concerns, which might cascade in the following sessions too. We reiterate our advice accumulating fundamentally sound counters in a staggered manner rather trying to find the market bottom,” Ajit Mishra, VP – Research, Religare Broking Ltd said.

Indian stock markets continued to take cues from global markets as Wall Street indices fell nearly 6 per cent in overnight trade on Wednesday. The Dow Jones Industrial Average fell 1,338.46 points, or 6.3 per cent,to 19,898.92, the S&P 500 lost 131.09 points, or 5.18 per cent,to 2,398.1, and the Nasdaq Composite dropped 344.94 points, or 4.7 per cent, to 6,989.84. Back home, Bajaj Finance was the top Sensex loser, down 15 per cent,followed by Asian Paints, Maruti and M&M. On the flip side Power Grid, ITC and Infosys were the only gainers on the index. On the Nifty 50 index, Infratel was the top laggard, down nearly 18 percent.

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