Market Turmoil: Investors' Wealth Nosedives Amid Global Cues

The equity market witnessed a steep decline, eroding investors' wealth by Rs 9.65 lakh crore as the Sensex fell 2,915 points over four days due to negative global cues and concerns over US Fed actions. Major stocks like Infosys and Bajaj Finserv were the key laggards, while Sun Pharma led the gainers.

In a dramatic downturn, the equity market has seen investors' wealth slashed by a staggering Rs 9.65 lakh crore over the past four days, driven by a sharp decline in the Sensex, which plummeted 2,915.07 points. This decline marks a 3.54% drop in the BSE benchmark index, reflecting mounting concerns in the financial sector.

The downward trend continued on Thursday, with the 30-share BSE benchmark Sensex tumbling 964.15 points, ending the day at 79,218.05. Throughout the day, the index faced severe pressure, hitting an intraday low of 79,020.08 points. The slump is largely attributed to aggressive selling and anticipations of further rate cuts by the US Federal Reserve, increasing risk aversion among investors.

According to Prashanth Tapse, Senior VP at Mehta Equities Ltd, negative global cues have unsettled the market, while rising US bond yields and foreign fund outflows further weakened the rupee. Major stocks like Infosys, Bajaj Finserv, and Tech Mahindra saw significant declines, while some respite came from gains in Sun Pharma and Hindustan Unilever. Global markets, including Asia and Europe, mirrored this bearish sentiment, with Wall Street also ending sharply lower on Wednesday.

(With inputs from agencies.)