Donald Trump's tariff war spooked the Indian stock markets on Monday as both BSE and NSE tumbled. The 30-share BSE Sensex tumbled 2,226.79 points or 2.95 per cent to settle at 73,137.90. The NSE Nifty plummeted 742.85 points or 3.24 per cent to settle at 22,161.60. How much did the investors lose in the market rout?
According to PTI, Dalal Street investors were poorer on Monday by ₹14 lakh crore. The market capitalisation of BSE-listed firms declined sharply by ₹14,09,225.71 crore to ₹3,89,25,660.75 crore (USD 4.54 trillion) in a single day.
All Sensex firms, except for Hindustan Unilever, ended lower than their previous value. The biggest loser was Tata Steel, which fell by 7.73 per cent followed by Larsen & Toubro which cracked 5.78 per cent.
Satish Chandra Aluri, Analyst, Lemonn Markets Desk, said benchmark indices plunged on Monday as global markets across the world crashed over the escalating trade war.
"Global markets are witnessing a deepening rout with sell-offs across the regions and asset classes. Markets opened at steep losses, with Nifty-50 opening below 22k after Asian indices from Japan to Korea to China had witnessed record losses and US futures indicated another session of steep drawdown," he said.
IT stocks plummet
{{/usCountry}}"Global markets are witnessing a deepening rout with sell-offs across the regions and asset classes. Markets opened at steep losses, with Nifty-50 opening below 22k after Asian indices from Japan to Korea to China had witnessed record losses and US futures indicated another session of steep drawdown," he said.
IT stocks plummet
{{/usCountry}}Meanwhile, the stocks of India IT companies, which earn a major part of their revenue from the US, fell sharply today.
Shares of IT-enabled services firms Onward Technologies Ltd cracked 13.99 per cent and Genesys International Corporation slumped 10.80 per cent on the BSE. The stock of Quick Heal Technologies tanked 9.63 per cent, Zaggle Prepaid Ocean Services lost 9.53 per cent, Datamatics Global Services dropped 9.08 per cent, Newgen Software Technologies (7.94 per cent), Intellect Design Arena (7.69 per cent), Happiest Minds Technologies (6.36 per cent), Sonata Software (6.28 per cent), Tata Technologies (6.19 per cent), and Mphasis Ltd (5.76 per cent).
Among blue-chip stocks, shares of Infosys dropped 3.75 per cent, HCL Technologies declined 3.27 per cent, Tech Mahindra (2.47 per cent), LTIMindtree (1.72 per cent), Wipro (1.38 per cent), and Tata Consultancy Services (0.69 per cent).
The BSE IT index tanked 2.92 per cent.
With inputs from PTI