Over Rs 77,000 cr investor wealth vanishes as stocks drop
The market value of stocks listed in markets today plunged by over Rs 77,000 crore with the BSE benchmark Sensex plummeting nearly 300 points amid rupee touching record lows against the US dollar.business Updated: May 16, 2012 20:48 IST
The market value of stocks listed in markets today plunged by over Rs 77,000 crore with the BSE benchmark Sensex plummeting nearly 300 points amid rupee touching record lows against the US dollar.
Total investor wealth, measured in terms of cumulative market capitalisation (m-cap) of all listed companies in the country, dropped to Rs 57.48 lakh crore at the end of today's trade. This is a notional drop of Rs 77,288 crore from the total m-cap of Rs 58.25 lakh crore recorded on Tuesday.
The 30-share index Sensex fell 298.16 points, or 1.83 %, to close at 16,030.09. The Sensex on Wednesday touched 15,974.60-level in intra-day trade for first time after January 12, as foreign funds sold stocks. 28 out of 30 Sensex stocks ended with losses.
The 50-share Nifty lost 84.55 points, or 1.71 %, to 4,858.25.
Across the 2,831 counters traded on the Indian markets, 1733 stocks declined while 983 shares ended with gains.
Among the blue-chips, Tata Motors was the worst performer dropping 7.34 % to Rs 269. The fall in Tata Motors' shares was significant in dragging the key indices.
"The weakness in the market was on account of slump in the global markets on concerns of Greece going in for re-polls in June," Motilal Oswal Securities Associate VP (Technical Equities) Shubham Agarwal said.
Markets showed negative movement on Greek political uncertainty and sharp depreciation in rupee, said Sharmila Joshi, Head (Equity), Fairwealth Securities. European markets were in the negative zone at open, which too added to the woes, she added.
Among major losers, Tata Steel was down 3.89 %, BHEL lost 3.74 %, HDFC shed 3.71 % and Hindalco went down by 3.28 %.