Investors' wealth tumbled by Rs 6,86,708.74 crore in morning trade on Monday following massive losses in the equity market as sentiments remained muted amid increasing COVID-19 cases in the country.
- Investors' wealth tumbles over Rs 3.70 lakh cr as markets crack
- Sensex crashes over 1,300 points on spiking COVID-19 cases, Nifty below 14,300
- Sensex nosedives 1,708 points amid massive selloff; Nifty plunges below 14,350
- COVID surge spooks investors; Sensex nosedives over 1,400 points in early trade
The 30-share BSE benchmark index plunged 1,479.15 points to 48,112.17 in morning trade. Tracking losses in equities, the market capitalization of BSE-listed companies eroded by Rs 6,86,708.74 crore to Rs 2,02,76,533.13 crore.
IndusInd Bank was the biggest loser among the 30-share companies pack, declining over 7 per cent, followed by SBI, Bajaj Finance and Axis Bank.
"Domestic equities do not look to be inspiring at the moment. A sharp increase in COVID-19 daily cases in the country, and possibility of large economic restrictions are expected to keep investors nervous in the near term. Further, the possibility of lockdown in large states like Maharashtra will weigh on investors' sentiments.
"Additionally, recent weakness in INR may also aggravate investors' concerns. However, 4Q FY21 earnings, wherein IT majors are scheduled to deliver their numbers this week, are to be in focus," said Binod Modi, Head Strategy at Reliance Securities.