Investors left poorer by Rs. 9.15 trillion as Sensex, Nifty plunge 3% each
Mumbai: Indian benchmark Indices continued their southward journey for the 5th straight session as both Sensex and Nifty plunged 3% each on the back of weak global cues amid concerns over inflation and tightening of monetary policy.
Investors lost over 9.15 lakh crore on Monday as total market capitalisation of BSE listed firms, which reflects investor wealth, slipped to 260.49 lakh crore.
During intraday deals BSE Sensex crashed over 2,000 points or 3.5 to 56,984 on Monday, while Nifty 50 plunged over 500 points or 3.5 per cent to 16,998. Long term investors can look to enter the markets at these levels, an analyst said. At close, BSE Sensex ended 1,546 points or 2.6 per cent lower at 57,492, while NSE Nifty declined 468 points or 2.7 per cent to settle at 17,149.
The five days of heavy losses have wiped out more than Rs 17.54 trillion of investors’ wealth. Since 17 January, the BSE Sensex has declined over 3,300 points, while Nifty has lost over 1,100 points.
Analysts said, rising oil prices, spread of the pandemic, run up to the Budget 2022-23 are also impacting consumer sentiment.