On Friday, investor wealth slumped by Rs 1.57 lakh crore, following heavy selling in the broader market where the BSE benchmark index tanked about 410 points to close at a five-month low.
Devang Mehta, Head Equity Advisory, Centrum Wealth Management said, “The fears of a global trade war played a major role in today’s fall across global markets. Locally, markets have been facing headwinds since the start of February, be it the imposition of long-term capital gains or the much talked about banking fraud. This being a politically busy year in India, volatility can stay high for an extended period.”
Led by the sell-off, the total market capitalisation of BSE-listed companies diminished by Rs 1,57,268.54 crore to Rs 1,39,30,643 crore.
Vinod Nair, Head of Research, Geojit Financial Services Ltd said, “Volatility expanded and market is losing its grip due to escalating tensions of trade war and spike in oil prices.” At the BSE, 2,149 stocks declined, while 558 advanced and 154 remained unchanged. A total of 419 stocks hit their 52-week low, while only 23 scaled 52-week high.