Market Turmoil: Rs 7.15 Lakh Crore Vanishes from Investors’ Wealth
The equity markets witnessed a sharp fall, eroding Rs 7.15 lakh crore from investors' wealth. IndusInd Bank's shares plummeted following its profit decline. Foreign fund outflows exacerbated the situation. Meanwhile, ITC and other blue-chip companies held less volatile performance amid mixed global economic signals and institutional investor activity.
- Country:
- India
On a turbulent trading day, investors experienced a massive depletion of Rs 7.15 lakh crore in wealth as equity markets sharply declined on Friday morning. This downturn was largely driven by a significant plunge in IndusInd Bank shares and persistent foreign fund outflows.
The BSE Sensex plummeted 708.69 points, settling at 79,356.47, while the NSE Nifty fell 286.35 points to 24,113.05. Contributing to the downward trend, several BSE-listed firms saw their market capitalisation fall by Rs 7,15,739.19 crore to Rs 4,36,63,565.73 crore (approximately USD 5.19 trillion).
In the latest developments, IndusInd Bank dropped over 19 per cent, following a reported 40 per cent decline in net profits for the September quarter. Meanwhile, on a brighter note, ITC reported an increase in net profits, contributing to its 3 per cent uptick. Institutional investor activities reflected mixed sentiment with FIIs disposing of Rs 5,062.45 crore in shares, contrasted by DIIs' acquisition of Rs 3,620.47 crore in stocks. Global markets provided a diverse picture with oil prices rising slightly and mixed performance observed across Asian and US markets.
(With inputs from agencies.)
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