INSUBCONTINENT EXCLUSIVE:
New Delhi: Investor wealth dropped Rs 3,20,633.05 crore on the first day of the new financial year as selling resumed in the equity market
amid rising cases of COVID-19
The Sensex tanked 1,203.18 points or 4.08 per cent to close at 28,265.31 on Wednesday
Tracking weakness in equities, the market capitalisation of the BSE-listed companies eroded by Rs 3,20,633.05 crore to reach Rs
Equity indices had rallied smartly on the last day of the financial year 2019-20 on Tuesday
"Markets witnessed a sharp decline on Wednesday as participants took note of a sudden surge in coronavirus numbers in India and weak auto
Besides, feeble global cues combined with continuous outflow of the foreign fund was also weighing on the sentiments," Ajit Mishra,
vice-president (research), Religare Broking Ltd, said
Investors' confidence is continuously being impacted due to mounting fear of global recession, rising cases of COVID-19 and weak macros
leading to selling in the global markets including India, he added
Tech Mahindra was the biggest drag in the Sensex pack, dropping more than 9 per cent, followed by Kotak Bank, Tata Consultancy Services,
Hero MotoCorp, Bajaj Auto, Bajaj Finance and Titan were the only four gainers from the 30-share pack
In the broader market, the BSE Midcap and Smallcap indices fell by 2.18 per cent and 1.06 per cent, respectively
All the indices closed the day lower, led by IT, Telecom, Teck and Bank.