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Investors lose Rs 3.6 lakh crore as Sensex falls 883 pts on Covid-19 woes

Investor wealth fell by Rs 3.53 lakh crore on Monday, with market capitalisation of BSE-listed companies ending at Rs 201.77 lakh crore

twitter-logoBusinessToday.In | April 19, 2021 | Updated 18:45 IST
Investors lose Rs 3.6 lakh crore as Sensex falls 883 pts on Covid-19 woes
Sensex closed 882 points lower at 47,949 and Nifty lost 258 points to 14,359.

A record rise in number of Covid-19 cases roiled market sentiment today. Sensex closed 882 points lower at 47,949 and Nifty lost 258 points to 14,359. Fresh lockdowns announced by some states stoked concerns over the economic recovery, while another sharp drop in the rupee also weighed on risk appetite, traders said.

Rupee closed 52 paise lower at 74.87 against the US dollar on Monday as fresh lockdown measures stoked fears of forex outflows.

Earlier, Sensex crashed over 1,469 points. However, it pared initial losses to close 882.61 points lower today.

Investor wealth fell by Rs 3.53 lakh crore on Monday, with market capitalisation of BSE-listed companies ending at Rs 201.77 lakh crore.

PowerGrid was the top Sensex loser, falling 4.17 per cent, followed by ONGC, IndusInd Bank, Kotak Bank, L&T, Bajaj Finserv, Asian Paints and M&M.

Dr Reddy's and Infosys managed to end in the green, rising up to 1.58 per cent.

Nagaraj Shetti, Technical Research  Analyst at HDFC Securities said, "The short term trend of Nifty seems to have reversed on Monday, after a reasonable upmove of the last three sessions. But, fine upside recovery raise some hopes for bulls to make a comeback for the short term. Having placed at the crucial lower supports of 14200 and the chart pattern of daily/weekly timeframe, one may expect minor upside bounce in the next few sessions (up to the gap hurdle of 14550) There is a expectation of next round of weakness from the highs."

Market sentiment deteriorated after three consecutive sessions of gain after India on Monday recorded the biggest-ever spike of 2.73 lakh fresh coronavirus cases and 1,619 deaths in the last 24 hours, as per data from Union Health Ministry.

Sector-wise, BSE realty, capital goods, power, auto, industrials, finance and telecom indices plunged up to 3.96 per cent, while healthcare index closed higher.

BSE mid cap and small cap indices declined 388 points and 344 points, respectively in trade today.

Global equities were in a better shape as investors awaited key corporate earnings.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended on a positive note.

Stock exchanges in Europe were also largely trading with gains in mid-session deals.

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