Investors’ wealth tumbles over Rs 3.53 lakh crore as markets crack

NEW DELHI: Investors’ wealth on Monday tumbled over Rs 3.53 lakh crore as markets went into a tailspin amid record surge in coronavirus cases in India.
The 30-share BSE benchmark index tanked 1,469.32 points to 47,362.71 during the day. It later closed at 47,949.42, lower by 882.61 points or 1.81 per cent.
Following the massive selloff, the market capitalisation of BSE-listed companies declined by Rs 3,53,420.76 crore to Rs 2,01,77,325.24 crore at close of trade.

Power Grid Corporation of India, ONGC, IndusInd Bank, Kotak Mahindra Bank, Larsen & Toubro and Bajaj Finserv were the biggest drags among the BSE 30-share frontline companies’ list.
Only Dr Reddy’s and Infosys managed to close in the green.
India’s total tally of Covid-19 cases crossed 1.50 crore with a record single-day rise of 2,73,810 new coronavirus infections, while the active cases surpassed the 19-lakh mark, according to the Union health ministry data updated on Monday.
“Markets opened on a weak note and lost over one and a half per cent amid mixed cues. Participants reacted negatively to increasing restriction announcements from state governments while ignoring the positive global cues,” said Ajit Mishra, VP – Research, Religare Broking Ltd.
Mohit Nigam, head, PMS & advisory, Hem Securities said, “Markets continue to move downwards directly as a consequence of a record number of corona cases. Increase in lockdown restrictions across different parts of the country spooked the market sentiments in the morning session, whereas in the second session we saw a partial recovery.”
In the broader market, the BSE midcap and smallcap indices declined up to 1.93 per cent.
The BSE realty, capital goods, power, auto, industrials, finance and telecom indices plunged up to 3.96 per cent, while healthcare index closed higher.
In the previous trading session, the BSE benchmark closed 28.35 points or 0.06 per cent higher at 48,832.03.