Investors became poor by over Rs 8.21 trillion as they entered the market

Investors became poor by over Rs 8.21 trillion as they entered the market

Investors’ wealth fell sharply by Rs 8,21,666.77 crore on Monday as the market did not see massive selling in several months.

The BSE benchmark Sensex ended 1,170.12 points or 1.96 per cent lower at 58,465.89. It is the worst one-day drop for the gauge in seven months. This was the fourth consecutive session of decline in the Sensex.

The index lost 1,624.09 points during the day.

Following a weak trend, the market capitalization of BSE-listed companies declined by Rs 8,21,666.77 crore to Rs 2,60,98,530.22 crore.

“Indian market witnessed a sharp sell-off in today’s trading session amid stable global cues. Heavyweight Reliance put pressure on the market, while withdrawal of agriculture laws bills and poor performance of Paytm IPO are some of the excuses for the long-awaited recovery. FIIs are selling, said Santosh Meena, Head of Research, Swastika Investmart Ltd., the Indian market continues to thrive as they feel valuations have risen, but they still have a long-term outlook on India.

Bajaj Finance, Bajaj Finserv, Reliance Industries, NTPC, Titan and SBI were the biggest losers, falling up to 5.74 per cent.

After Reliance Industries fell more than 4 per cent, the company shelved a proposed deal to sell a 20 per cent stake in its oil refinery and petrochemical business to Saudi Aramco for a demand of $15 billion.

“Weak listings and weak business continuity of Paytm, India’s largest new generation fintech, is a major emotional blow to the domestic market, which was thriving on a strong primary market. This will impact the inflow of funds from the retail segment, FIIs are also a seller due to the fear of overvaluation of India compared to peers, which has been a major player during the year.

“Weak inflows from FIIs will likely be higher due to the withdrawal of the three Agri Agriculture Acts, which stalls the reformist agenda of the government in the context of state elections coming next year. It is for India to trade at a premium to EM. was a key factor, said Vinod Nair, head of research, Geojit Financial Services.

One97 Communications, Paytm’s parent company, closed over 13 per cent lower at 1,360.30 per share on the BSE.

Midcap and smallcap indices fell up to 2.96 per cent in the broader market.

Siddharth Khemka, Head of Retail Research, Motilal Oswal Financial Services, said, “Canceling of the Reliance-Aramco deal, withdrawal of Agri Agriculture Acts, continued selling by FIIs and disappointment with Paytm’s listings affected the market sentiments and led to a fall in the market.” cause.” Ltd.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is generated automatically from a syndicated feed.)

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