Stock market slide wipes off investor Riches by Rs 2.68 lakh crore

Investor riches saw an erosion of Rs 2.68 lakh crore on Friday hauled down by massive selling in the stock exchange at which the BSE benchmark index tumbled 448 points.

The 30-share index depended reduced by 447.60 points, or 1.38 percent — its biggest single-day fall since November 15 final year — in 31,922.44. The reduction was the biggest in almost ten months.

BSE realty melted the maximum by 4.29 percent. Metal, capital products and power too added to this weakness.

On BSE, 2,139 stocks declined, while 484 innovative and 138 remained unchanged.

“The markets watched a sell-off of more than 1 percentage which in our opinion is due to poor international cues which in turn were due to geopolitical tensions surrounding North Korea. The sell-off was more conspicuous as FIIs continued to pull out funds in a reaction to the political tensions and current revision of China’s sovereign rating,” said Nitasha Shankar, Sr Vice President and Head of Research, YES Securities.

“The market correction was due to extraneous event viz, the geopolitical tension in the Korean peninsula. History informs us that such occasions invite sharp reactions from equity markets and the pessimism is short-lived; time and again the markets have shrunk back with new vigour,” said Arun Thukral, MD & CEO, Axis Securities.

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