Market crash erodes over Rs 3L cr from investor wealth

NEW DELHI: As the BSE benchmark index plummeted over 1,000 issues throughout the morning trade on Thursday, investor wealth got eroded by means of over Rs three lakh crore.

The BSE benchmark Sensex Thursday crashed over 1,000 issues to slip underneath the key 34,000-mark in early trade, monitoring a global sell-off.

Led by means of the sharp carnage in equities, the marketplace capitalisation of BSE-listed corporations slumped Rs three,05,625.87 crore to Rs 1,35,59,695.82 crore in past due morning trade.

Market massacre: Sensex crashes over 850 issues; Nifty tests 10,200

The good points made on Wednesday misplaced on Thursday with the benchmark BSE Sensex dropping just about 1,000 issues to trade underneath the 34,000-mark. The broader NSE Nifty remained underneath 10,200 ranges. Equity indices appeared dismal because of the falling rupee and weak international cues. Indian rupee plunged to 74.45 (intra-day) towards the USA foreign money, some other new record.

The 30-share BSE barometer, which had gained 461.42 issues Wednesday, crashed 1,037.36 issues to hit a low of 33,723.53.

"Indian stock markets have fallen sharply Thursday. This is a continuation of the sharp fall now we have witnessed in the stock prices over the past couple of weeks (except for for one or two days of exception).

Why stock markets crashed today: Things to know

Both the key indices misplaced greater than 2.five in line with cent each on Thursday crashing over 1,000 issues in opening trade. The primary components for the marketplace massacre are falling rupee, sell-off in global bourses after US stocks tumbled on heavy correction in tech stocks, US Prez Donald Trump's "gone crazy" remark criticising the federal reserve.

"While many of the previous fall might be attributed in large part to domestic components - be it the IL&FS effect and fears of contagion thereon, or the ever expanding gasoline prices because of the combined effect of weakening rupee and rising international crude prices etc – the cause of the autumn this morning is clearly international," said Dheeraj Singh, head of investments- Taurus Asset Management Co Ltd.

In the forex marketplace, the rupee slumped by means of 24 paise to an rock bottom of 74.45 towards the buck.

Rupee opens weak, hits rock bottom of 74.45 towards US buck

At the Interbank Foreign Exchange (forex) marketplace, the domestic foreign money opened weak at 74.37 and slipped additional to cite at an rock bottom of 74.45, depreciating 24 paise towards the USA buck in the early trade.

Barring two scrips, rest 28 stocks from the BSE 30-share blue chip basket had been buying and selling with losses led by means of SBI and Tata Steel.

Investor wealth had soared over Rs three lakh crore on Wednesday because the stock marketplace made a robust restoration, with the BSE benchmark index surging 461.42 issues.
Market crash erodes over Rs 3L cr from investor wealth Market crash erodes over Rs 3L cr from investor wealth Reviewed by kailash soni on October 12, 2018 Rating: 5
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