Rs 3.2 lakh cr investor wealth lost as Sensex closes 1,000 points lower

The Indian market ended in the red in the last trading session of this week amid negative global cues. Sensex crashed 1,016 points to 54,303 and Nifty declined 276 points to 16,201 in trade today.

Market cap of BSE-listed firms fell to Rs 251.81 lakh crore today against Rs 254.95 lakh crore market cap in the previous session, translating into a loss of Rs 3.2 lakh crore. Amid the ongoing volatility, the equity market is struggling to make a steady move and find a definite direction in the near term.

With today's crash, Sensex is down 6.78 per cent or 3,950 points and Nifty has slumped 1165 points or 6.72 per cent in 2022.

On the other hand, Sensex has gained 3.83 per cent or 2,002 points and Nifty has climbed 2.85 percent or 449 points in a year.

Market fell for the 5th day out of the past 6 days on June 10, pulled lower by negative global cues. World stocks hit a two-week low on Friday as rate hike guidance from the European Central Bank and jitters over upcoming U.S. inflation data stoked concerns about global growth.

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Deepak Jasani, Head of Retail Research, HDFC Securities said, "After a streak of three weekly gains, Nifty ended lower for the week by 2.31 per cent. Bounces remained shortlived as traders and investors keep selling into them. The US Fed meet on June 14-15 will be next big event affecting the sentiments. Nifty has closed below the gap support of 16204. Now, 16,026 will be the next support while 16356 will be the resistance."

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said, "Amid persistent inflation, Central Banks continued with monetary policy tightening. RBI hiked repo rate by 50 bps to 4.9%. European Central Banks decided to end net asset purchases under its asset purchase programme and also signaled towards rate increase in its July monetary policy meeting. Crude oil prices inched up with Brent crude trading above $120 per barrel mark. The US 10-year treasury yield again moved above 3%."