Investor Wealth Tanks Rs 2.24 Lakh Cr As Markets Tumble After 3-Day Rally

Investor Wealth Tanks Rs 2.24 Lakh Cr As Markets Tumble After 3-Day Rally
PTI - 25 November 2020

New Delhi, Nov 25: Investors' wealth declined by Rs 2,24,978.33 crore on Wednesday as equity markets tumbled from record highs on profit-booking.

Snapping a three-session winning streak, the 30-share BSE Sensex ended 694.92 points or 1.56 per cent lower at 43,828.10.

The market capitalisation of BSE-listed companies declined by Rs 2,24,978.33 crore to stand at Rs 1,72,56,942.95 crore.

"After posting a strong rally in last few sessions, market turned negative from all-time high levels in today's session and ended 1.5 per cent lower as profit-booking emerged across all indices. Investors shrugged off the positive global cues as investors remained cautious and booked profit at prevailing rich market valuation," said Sumeet Bagadia, Executive Director, Choice Broking.

Kotak Bank was the top loser in the Sensex pack, falling 3.22 per cent, followed by Axis Bank, Sun Pharma, HDFC Bank, Bajaj Finance and Asian Paints.

On the other hand, ONGC, PowerGrid and IndusInd Bank were the gainers.

In the broader market, the BSE mid-cap and small-cap indices declined up to 1.76 per cent.

At the BSE, 1,662 companies declined, while 1,126 advanced and 176 remained unchanged.

BSE telecom, realty, bankex, healthcare, auto and capital goods indices tumbled up to 2.20 per cent, while oil and gas closed higher.

"The market rally which was led by developments on vaccine and FPI inflows came to a halt today due to profit booking across sectors in the second half of the trading session," said Vinod Nair, Head of Research at Geojit Financial Services.