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Tuesday, June 28, 2022
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    HomeBusinessInvestors poorer by Rs 2 trn as markets plummet ahead of RBI...

    Investors poorer by Rs 2 trn as markets plummet ahead of RBI policy outcome

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    Titan was the biggest laggard in the Sensex pack, falling 4.48%, followed by Dr Reddy’s, L&T, HUL, Asian Paints, Bajaj Finance, TCS and ICICI Bank

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    Sensex | Nifty

    Investors’ wealth on Tuesday tumbled over Rs 2 trillion amid heavy selling pressure in domestic equities.

    The 30-share BSE Sensex tanked 567.98 points or 1.02 per cent to settle at 55,107.34.

    In tandem with weak equities, the market capitalisation of BSE-listed firms tumbled by Rs 2,08,291.75 crore to Rs 2,54,33,013.63 crore.

    “Investors are in a wait and watch mood ahead of the RBI’s credit policy announcement. The market has simply borne the brunt of unabated FII selling, which continues to desert Indian equities amid weakening rupee and strengthening dollar,” said Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities Ltd.

    Titan was the biggest laggard in the Sensex pack, falling 4.48 per cent, followed by Dr Reddy’s, Larsen & Toubro, HUL, Asian Paints, Bajaj Finance, TCS and ICICI Bank.

    NTPC, Maruti, M&M, Bharti Airtel, Reliance Industries and Power Grid managed to settle in the green.

    “Markets inched lower and lost a per cent amid mixed cues. Initially, weakness in the global markets was weighing on the sentiment and continued selling in banking, FMCG and IT majors kept the pressure intact till the end. The focus will be on MPC’s meeting outcome on Wednesday,” said Ajit Mishra, VP – Research at Religare Broking Ltd.

    In the broader market, the BSE midcap gauge declined 0.77 per cent and the smallcap index dipped 0.67 per cent.

    Among BSE sectoral indices, consumer durables tanked 2.71 per cent, followed by realty (1.57 per cent), capital goods (1.53 per cent), FMCG (1.42 per cent), IT (1.42 per cent), teck (1.32 per cent) and basic materials (1.17 per cent). In contrast, oil & gas, energy, telecom, utilities, auto and power ended with gains.

    A total of 2,011 stocks declined, while 1,286 advanced and 121 remained unchanged.

    (This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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