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Rs 3.57 lakh crore investor wealth lost as market falls for fourth straight session

Market cap of BSE-listed firms fell to Rs 203.71 lakh crore against Rs 207.28 lakh crore in the previous session

Aseem Thapliyal | March 17, 2021 | Updated 18:44 IST
Rs 3.57 lakh crore investor wealth lost as market falls for fourth straight session
Sensex ended 562.34 points lower at 49,801.62 and Nifty slumped 189.15 points to close at 14,721.30.

Investors lost Rs 3.57 lakh crore today after market ended lower amid weak global cues ahead of the US Federal Reserve's policy decision. Market cap of BSE-listed firms fell to Rs 203.71 lakh crore against Rs 207.28 lakh crore in the previous session. Rising COVID-19 cases in multiple states also hit investor sentiment.

Sensex ended 562.34 points lower at 49,801.62 and Nifty slumped 189.15 points to close at 14,721.30.

On Sensex, ONGC was the top loser, falling 4.95 per cent, followed by NTPC, Sun Pharma, SBI, IndusInd Bank, Reliance Industries, Bajaj Auto and Dr Reddy's.

Of 30 Sensex components, 26 ended in the red. ITC, Infosys, TCS and HDFC were the Sensex gainers rising up to 1.20 per cent.

"Indian market remained in negative territory as investors traded cautiously ahead of the US Fed meeting coupled with a resurgence in COVID cases. Adding to that, the rise in international crude prices is also dragging the Indian market. Global markets also displayed a weak opening as it awaits the final decision of the FOMC meeting today, which will decide the trend of the market in the short-term. On a consensus basis, an accommodative policy is expected by Fed, which will help the global market to stabilise," said Vinod Nair, Head of Research at Geojit Financial Services.

Market breadth was negative with 795 stocks rising against 2,188 ending lower on BSE. 142 stocks were unchanged.

Bank Nifty ended 573 points lower at 34,229 and BSE bankex lost 620 points to 38,602.

Ruchit Jain, senior analyst , technical and derivatives, Angel Broking said, "The corrective phase continues for our markets and post some consolidation, the broader markets too were seen under pressure ahead of the U.S. Fed Policy. The last hour correction in the banking index resulted into further pressure and lack of buying interest is now clearly resulting into a price wise correction as well. Nifty has ended around 14,700 which is a crucial point now and a breach of this could then lead to a continuation of price wise correction towards 14,500. On the flipside, 14,850 - 14,900 becomes the immediate hurdle now. Among  other indices, auto index too is indicting signs of weakness and looking at the above scenarios, we continue with our advice to avoid aggressive trades and look for stock specific trading opportunities."

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