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Monday market pandemonium! Investors lose Rs 4.23 lakh crore in massive selloff

PTI     September 22, 2020

A massive selloff in the equity market eroded Rs 4,23,139.78 crore from investors' wealth in a single trading session on Monday. Markets witnessed significant selling pressure in the second half of trade and the 30-share BSE benchmark index ended 811.68 points or 2.09 per cent lower at 38,034.14.

Following weakness in the equity market, the market capitalisation of BSE-listed companies plummeted by Rs 4,23,139.78 crore to Rs 1,54,76,979.16 crore. On Friday, the market capitalisation of BSE-listed companies was at Rs 1,59,00,118.94 crore. "Indian benchmark indices succumbed to profit booking in the second half of the trading day. It was in sync with global cues which turned negative following surge in infections in various countries including in Europe," Geojit Financial Services Head of Research Vinod Nair said. "Additional restrictions were being considered in Europe following an increase in infections," he added.

IndusInd Bank was the top loser in the Sensex pack, tumbling 8.67 per cent, followed by Bharti Airtel, Tata Steel, ICICI Bank, M&M, Maruti and Axis Bank, while Kotak Bank, Infosys and TCS were the only three gainers from the 30-share frontline companies list. "Markets started the week on feeble note and lost nearly 2.5 per cent, following weak global peers. The first half was lackluster. However, significant selling pressure was witnessed in the latter half. "We feel rising COVID-19 cases combined with correction in the US markets spooked investors," Ajit Mishra, VP - Research, Religare Broking Ltd said.

On the BSE, 2,165 companies declined, while 595 advanced and 178 remained unchanged. In the broader market, the BSE smallcap and midcap indices declined up to 3.61 per cent. All BSE sectoral indices closed in the red, with BSE telecom, realty, metal and auto tanking up to 5.77 per cent.

Also read: Sensex, Nifty tumble 2% as rising COVID-19 cases spook investors

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