Mumbai: Investors' stock market wealth has plunged by nearly Rs 5,00,000 crore in five straight days of trading, as the market continued its downslide today with a 468-point plunge in the benchmark Sensex.
Barring the first day of trading on January 3, markets have recorded a loss on all days so far in the New Year with the Sensex losing 1,337 points in five consecutive trading sessions.
In the process, the total investor wealth, measured in terms of cumulative market value of all listed companies, has plummetted by nearly Rs 5,00,000 crore and stood at Rs 6,887,194.38 crore at the end of today's trade.
Out of this, more than Rs 1,00,000 crore has been eroded from the market value of the country's ten biggest companies alone, which include blue chips like Reliance Industries, ONGC, TCS, Infosys, Coal India and SBI.
The 30 Sensex companies together lost about Rs 2,00,000 crore in the last five days of trading.
The Sensex today closed at its six-week low on continued selling by edgy investors, ahead of third quarter corporate results and weak global cues. Experts said that investors are bogged down by fears of interest rate hike coupled with negative show of global peers.
Reliance Industries, which dropped by over 3 per cent on Monday, has lost approximately Rs 20,000 crore of market value in the past five trading sessions, while losses for the period is much higher at about Rs 25,000 crore for PSU giant ONGC.
SBI has also lost about Rs 20,000 crore in this period, while giants like TCS, Coal India, NTPC, ITC and Bharti Airtel have lost about Rs 10,000 crore each.
The loss is relatively less for IT major Infosys at about Rs 5,000 crore, as investors are expecting good quarterly results, while ICICI Bank has lost over Rs 15,000 crore amid heavy selling pressure in banking stocks.
The market, which had grown by about 17 per cent in 2010, has fallen by about 6 per cent in the New Year, as it could not continue the uptrend beyond the first trading session.
The overall investor wealth had grown by neary Rs 12,00,000 crore in the entire 2010, when the Sensex grew by over 3,000 points.
Comments
0 comment