Market investors became poorer by Rs 7.12 lakh crore as Sensex nosedived on Monday after two consecutive days of gains, as investors rushed to take profits amid unabated selling of stocks by foreign investors.
The 30-share BSE Sensex plunged 609.68 points, or 0.71 per cent, to close at 85,102.69. The market capitalisation of BSE-listed firms eroded by Rs 7,12,514.68 crore to Rs 4,64,19,108.91 ($5.15 trillion).
"Indian benchmark indices concluded the day with significant losses, as the Sensex tumbled over 610 points to close at 85,103 and the Nifty50 shed 226 points to settle at 25,961," Siddhartha Khemka, Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd, said.
He added that the market-wide sell-off was driven by cautious sentiment ahead of the US Federal Reserve's rate decision, continuous FII selling, and widespread profit booking across the broader market.
From the Sensex firms, Bharat Electronics Ltd, Eternal, Trent, Tata Steel, Bajaj Finance, Adani Ports, Bajaj Finserv, State Bank of India, PowerGrid, Asian Paints, Tata Motors Passenger Vehicles, Titan, NTPC, Kotak Mahindra Bank, Larsen & Toubro, and Bharti Airtel were among the laggards.
However, Tech Mahindra, HCL Technologies, Reliance Industries, and HDFC Bank were the only gainers.
"The sustained weakness in the rupee and continued FII outflows further aggravated concerns around inflation and import-cost pressures, adding to the bearish tone," Ajit Mishra, SVP, Research, Religare Broking Ltd, said.
The BSE midcap gauge declined 1.73 per cent, while smallcap index dropped 2.20 per cent.
Among sectoral indices, services tumbled by 3.70 per cent, realty by 3.50 per cent, capital goods by 2.83 per cent, telecommunication by 2.53 per cent, industrials by 2.21 per cent, utilities by 2.10 per cent, metal by 1.96 per cent, and power by 1.84 per cent.
As many as 3,348 stocks declined, while 950 advanced and 187 remain unchanged on the BSE. -- PTI
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