INSUBCONTINENT EXCLUSIVE:
NEW DELHI: A sharp plunge in domestic stocks on Thursday morning wiped off Rs 4 lakh crore of investor wealth within five minutes.
Data
showed that the combined market capitalisation of all BSE-listed companies got eroded to Rs 134.38 lakh crore in the initial trades, data
available with BSE suggested.
This is against a market value of Rs 1,38,39,750 crore, the BSE listed companies commanded on Wednesday, and a
high of Rs 1,59,34,696 crore they enjoyed on August 30.
Domestic stocks plunged in line with Asian shares which fell up to 5 per cent on
Thursday, tracking n overnight fall in US stocks
points down at 10154, while BSE Sensex was down 1,029 points at 33,732.
As the session progressed, the stock market regained its footing a
trade, the SP500 index suffered its biggest one-day fall since February as technology shares tumbled on fears of slowing demand
The SP technology sector dropped 4.8 per cent, with Apple Inc down 4.6 percent, Reuters reported.
The SP500 ended Wednesday with a loss of
3.29 per cent and the Nasdaq Composite index 4.08 percent, while the Dow Jones Industrial Average shed 2.2 per cent, the report added.
After
Technical Analyst at Sharekhan
The short-term trend is still in favour of the bears, he said on Wednesday.
