Market slide wipes out investor wealth by Rs6lakh crore in seven days

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New Delhi—With the BSE benchmark index falling for the seventh day in a row today, investors’ wealth eroded by Rs 6.21 lakh crore during this period.

Investors’ wealth as measured by market capitalisation (m-cap) of BSE listed companies slumped by Rs 6,21,409 to Rs 1,30,55,056 crore from Rs 1,36,76,465 crore as on September 18.

The BSE benchmark Sensex settled lower by 439.95 points, or 1.39 per cent, at 31,159.81 today.

This is the weakest closing since June 30 when the gauge had settled at 30,921.61. The index has lost 1,263.95 points in seven straight sessions.

The lingering Korean stand-off and the rupee taking a hammering dealt a blow to the market.

“Market extended losses while the rupee sank to a 6-month low on continued outflow of foreign funds,” said Vinod Nair, Head of Research, Geojit Financial Services Ltd.

“Updates of military action in the eastern border impelled the market’s fall which was already on a slippery slope ahead of F&O expiry,” said Anand James, Chief Market Strategist, Geojit Financial Services Ltd.

From the 30-index pack, Adani Ports slumped the most down 4.85 per cent, followed by SBI 2.89 per cent. TCS and Coal India were the only two companies to end with gains.

Mid-cap and small-cap stocks moved in sync with the benchmarks and dropped by up to 2.10 per cent.

Selling was maximum in the BSE realty index, down 2.66 per cent. Healthcare, capital goods and power stocks were also subdued.

At BSE, 1,972 stocks declined, while 569 advanced and 137 remained unchanged.

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