February 28, 2021

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Investor wealth plunges Rs 1.99 lakh crore as markets plummet

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Investor wealth plunges Rs 1.99 lakh crore as markets plummet
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Investor wealth plunges Rs 1.99 lakh crore as markets plummet (Consultant picture)

Investor wealth eroded by Rs 1,99,619.9 crore on Thursday as a result of weak spot in fairness market, with the BSE Sensex plummeting 886 factors.

The 30-share index settled 885.72 factors or 2.77 per cent decrease at 31,122.89 amid weak world cues and buyers’ tepid response in direction of the stimulus bundle.

Led by the weak sentiment, the market capitalisation of BSE-listed firms tumbled Rs 1,99,619.9 crore to Rs 1,22,68,099.91 crore.

“The rise in COVID-19 instances and lack of readability over the influence of stimulus packages had been weighing on the sentiment. In addition to, weak spot within the world markets additional dented the sentiment,” Ajit Mishra, VP – Analysis, Religare Broking Ltd stated.

World markets tanked following the World Well being Group’s feedback that the novel coronavirus “might by no means go away”.

US Federal Reserve chief Jerome Powell has warned of a “extremely unsure” outlook for the world’s prime financial system.

“The markets traded unfavorable in the present day on account of unfavorable world cues and had been circumspect relating to the implementation and the effectiveness of the stimulus bundle introduced by the federal government,” Geojit Monetary Providers Head of Analysis Vinod Nair stated.

“The federal government has made it clear that the measures might be introduced in tranches and never in a single go. Traders are nonetheless in search of measures to spice up the demand and never simply inject liquidity, which thus far has been the main focus from the federal government,” he added.

Amongst indices, the BSE IT, vitality, tech, finance, steel, bankex, oil and fuel, energy and realty misplaced as much as 3.60 per cent, whereas healthcare, FMCG and capital items indices closed with modest good points.

On the BSE, 1,360 firms declined, whereas 968 superior and 152 remained unchanged.

Tech Mahindra was the highest laggard within the Sensex pack, cracking 5.24 per cent, adopted by Infosys, HDFC, IndusInd Financial institution, Reliance Industries and NTPC.

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