Investor wealth continued to witness erosion on Thursday, taking a hit of Rs 19.49 lakh crore in four days, as markets continued to reel under the threat of coronavirus and its impact on the overall economy.
As markets fell for the fourth consecutive day, the market capitalisation of BSE-listed firms plummeted by Rs 19,49,461.82 crore to Rs 1,09,76,781 crore during this period.
The benchmark indices did manage to trim most of the sharp early losses, but it provided little help to the overall weak investor sentiment. The 30-share BSE index closed the day 581.28 points lower after plunging 2,155.05 points in early trade.
Rollercoaster Ride for Benchmark Indices
In four days, the benchmarkindex has fallen by 5,815.25 points.
"It was a roller coaster ride for the benchmark indices on Thursday as they hovered in a broader range and finally settled with a cut of over 2 percent. Weak global sentiments combined with continuous FII outflow triggered a gap-down start," according to Ajit Mishra, VP - Research, Religare Broking Ltd.
“Besides, the rising coronavirus cases in India further added to the pessimism. Though it recovered strongly in the middle, the decline in the latter part of the session again pushed the index in the red,” he added.
From the 30-share pack, 22 companies closed the day lower, led by Bajaj Finance, Maruti Suzuki India, Axis Bank, M&M, Tech Mahindra and ONGC, plunging up to 10.24 per cent.
In the broader market, BSE midcap and smallcap index fell 3.70 percent and 4.53 percent, respectively.
At the BSE, 1,828 companies declined, while 574 advanced and 146 remained unchanged.
More than 1,200 companies reached their one-year low level on Thursday.
The BSE METAL and CAPITAL GOODS were the most hit among indices, dropping up to 7.17 per cent.
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