Investors became poorer by Rs 11,23,010.78 crore in two days as the domestic equity market continued to face severe drubbing amid a global selloff.
The BSE benchmark Sensex plunged 1,393.04 points to a low of 55,618.70 by noon in the Monday trading session. The benchmark had tumbled 889.40 points or 1.54 per cent to close at 57,011.74 on Friday.
The market capitalisation of BSE-listed companies tumbled Rs 11,23,010.78 crore to Rs 2,52,79,340.30 crore in two days.
Investors' wealth had on Friday shrunk by over Rs 4.65 lakh crore as markets suffered a heavy selloff following weak global trends and continued selling by foreign institutional investors.
Tata Steel Ltd. was the biggest drag on the NSE Nifty 50 Index which retreated 2.3 per cent as markets plunged 1,182.53 points to a low of 55,829.21 in early trade on Monday. It had tumbled 889.40 points or 1.54 per cent to close at 57,011.74 on Friday, a report in Hindustan Times said.
Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 2,069.90 crore on Friday, according to stock exchange data, according to a report published in Mint.
In the meantime, many analysts expressed their views on the stock market, here are some:
Gaurav Garg, Head of Research, Capitalvia Global Research Ltd
The Indian benchmarks made a gap-down opening today amid rising Omicron coronavirus cases worldwide. Traders will be cautious with a continuous net outflow of foreign funds as Foreign Portfolio Investors (FPIs) have pulled out Rs 17,696 from the Indian markets in December month so far.
Vishal Wagh, head of research at Bonanza Portfolio Ltd
“Markets are under tremendous pressure, a further 5%-6% decline is possible for the benchmark,” Wagh was quoted as saying by news agency Bloomberg, a report in Hindustan Times said.
VK Vijayakumar, Chief investment Strategist at Geojit Financial Services
Rising inflation, hawkish central banks, exploding Covid cases, sustained selling by FIIs and slowing growth momentum in the developed economies combined to produce the perfect storm that spooked the markets last week, according to a report published in Mint.