The
1,000-point journey to the 14,000 peak on the stock markets turned out to be a fizzle, as the labour of 26 days was lost in just three trading sessions and the
Sensex has gone spiralling below the 13,000 level.
After trading above the 14,000 level during four consecutive trading sessions till Friday last week, the BSE benchmark index has plunged by more than 977 points since then to settle at 12,995 points on Tuesday.
The Sensex had taken 26 days to move from 13,000 to 14,000 level, the second-fastest 1,000-point rally after the 15-day journey from 11,000 to 12,000 points. The index had first hit the 14,000 level on Tuesday last week.
Adding to market woes, the past two days on Dalal Street has wiped off more than Rs 200,000 crore (Rs 2000 billion)
of investors' wealth with huge selling pressure sending sentiments for a toss.
The aggregate market capitalisation of all the companies listed on Bombay Stock Exchange dropped to Rs 33,50,000 crore at the end of Tuesday's trading session, registering a loss of over 2.3 lakh crore since the trading began on Monday.
The cumulative market cap of 30 blue-chip companies on the Sensex tanked by nearly Rs 60,000 crore (Rs 600 billion) on Tuesday, taking the full market cap of the barometer index to 16.56 lakh crore.
Index heavyweight ONGC lost Rs 6,000 crore (Rs 60 billion) in its market cap on Tuesday, while Reliance Industries lost Rs 4,000 crore (Rs 40 billion).
Infosys, Grasim and Reliance Communications also lost between 2,000 to 5,000 crore (Rs 20-50 billion) in less than six hours of trading on Tuesday.