Investors poorer by over Rs 6.18 lakh crore

Investors have become poorer by over Rs 6.18 lakh crore as markets took a heavy beating on Friday.

The 30-share BSE Sensex tanked 1,093.22 points or 1.82 per cent to settle at 58,840.79.

During the day, it tumbled 1,246.84 points or 2 per cent to 58,687.17.

The market capitalisation of the BSE-listed firms eroded by Rs 618,536.3 crore to Rs 279,68,822.06 crore on Friday.

The BSE benchmark has fallen for the third day in a row on Friday, down 1,730.29 points or 2.85 per cent.

In three days, investors wealth has tumbled Rs 702,371.88 crore.

"Indian markets were the worst performers in the Asian pack, as higher inflation and likely aggressive rate hikes by the US Fed sent stocks tumbling across the board.

"We are likely to see strong bouts of volatility in the coming sessions as global slowdown looms large," said Amol Athawale, deputy vice president - technical research, Kotak Securities Ltd.

In the broader market, the BSE midcap gauge tanked 2.85 per cent and smallcap index declined 2.38 per cent.

All the BSE sectoral indices ended in the negative zone, with realty tumbling 3.53 per cent, followed by IT (3.37 per cent), basic materials (3.05 per cent), teck (3.03 per cent) and auto (2.67 per cent).

"With persistent bearish pressure from global stocks amid rising yields and dollar index, the domestic market surrendered to the global trend despite its strong decoupling scenario and encouraging macroeconomic data," said Vinod Nair, head of research at Geojit Financial Services.

As many as 2,532 stocks declined, while 972 advanced and 106 remained unchanged.