For the best experience, open
https://m.greaterkashmir.com
on your mobile browser.

Stock investors become poorer by Rs 5.99 lakh cr as Sensex tanks over 1%

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 211.93 crore on Friday, according to exchange data
12:41 AM Nov 05, 2024 IST | PTI
stock investors become poorer by rs 5 99 lakh cr as sensex tanks over 1
Stock investors become poorer by Rs 5.99 lakh cr as Sensex tanks over 1%
Advertisement

New Delhi, Nov 4: Investors' wealth eroded by Rs 5.99 lakh crore on Monday due to heavy sell-off in stock markets with the BSE Sensex tumbling more than 1 per cent.

Advertisement
   

Markets were dragged down by Reliance Industries, banking shares and unabated selling by foreign investors. Investors also turned cautious ahead of the US presidential elections and Federal Reserve interest rate decision scheduled to be announced later this week.

Advertisement

The BSE benchmark tumbled 941.88 points or 1.18 per cent to settle at 78,782.24, the lowest closing level since August 6. During the day, it slumped 1,491.52 points or 1.87 per cent to 78,232.60.

Advertisement

In line with a weak trend in equities, the market capitalisation of BSE-listed firms eroded by Rs 5,99,539.5 crore to Rs 4,42,11,068.05 crore (USD 5.26 trillion).

Advertisement

"Markets witnessed broader sell-off as investors turned risk averse ahead of key US election outcome and Federal Reserve's policy decision in the next few days time. While stretched valuation concerns have been weighing for sometime, the persistent foreign fund outflows have created a lot of uncertainty amongst the investors resulting in a steep correction.

Advertisement

"Also, corporate earnings have failed to meet expectations, which has further dampened investors' sentiment," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Advertisement

From the 30-share Sensex pack, Adani Ports, Reliance Industries, Sun Pharma, NTPC, Bajaj Finserv, Tata Motors, Axis Bank and Titan were among the major laggards.

Advertisement

Mahindra & Mahindra, Tech Mahindra, State Bank of India, HCL Technologies, Infosys and IndusInd Bank were the gainers.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 211.93 crore on Friday, according to exchange data.

Foreign investors pulled out a massive Rs 94,000 crore (around USD 11.2 billion) from the Indian stock market in October, making it the worst-ever month in terms of outflows, triggered by the elevated valuation of domestic equities and attractive valuations of Chinese stocks.

In Asian markets, Seoul, Shanghai and Hong Kong ended higher. European markets were trading higher.

The US markets ended in positive territory on Friday.

Global oil benchmark Brent crude jumped 3 per cent to USD 75.29 a barrel.

Leading stock exchanges BSE and NSE conducted a one-hour special 'Muhurat Trading' session on the occasion of Diwali on November 1, marking the start of the new Samvat 2081.

The BSE benchmark climbed 335.06 points or 0.42 per cent to settle at 79,724.12 in the special Muhurat trading session on Friday. The Nifty advanced 99 points or 0.41 per cent to 24,304.35.

Advertisement
×