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Market free fall: Investors lose Rs.4.30 lakh cr in 5 days

Wednesday, March 07, 2018

As much as Rs 4.30 lakh crore of investors' money has been wiped out in the last five trading sessions, with Rs 1.54 lakh crore eroding today.

The BSE benchmark Sensex today nosedived nearly 430 points to close at a nearly three-month low of 33,317 after bank stocks came under heavy selling pressure despite positive global cues.

The 30-share index Sensex slipped into a negative zone towards the fag-end to hit a low of 33,209.76 as participants booked profits at improved levels.

Following the bearish trend in the broader market, the market capitalisation of BSE listed companies fell to Rs 1,44,20,606 crore at the end of today's trading session, from Rs 1,45,75,054.23 crore yesterday.

Overall, in the last five straight sessions, the index has lost nearly 1,129 points.

Led by a continuous sell-off, the market capitalisation of BSE-listed companies plummeted by Rs 4,30,042.5 crore to Rs 1,44,20,606 crore in five trading sessions.

"Consolidation continues led by broad selling across all sector. Market has broken yesterday’s low while banks continue to struggle due to NPA issue, higher bond yield & cost of funds. Investors are little nervous to start accumulating and are waiting for major triggers to get direction," said Vinod Nair, Head of Research, Geojit Financial Services Ltd.

“We expect the markets to remain volatile and choppy in the near term due to bank scams, volatile global markets, continued selling pressure from FIIs and fear of faster than anticipated interest rate hike in US. Market participants will keep a close watch on macro data like IIP, WPI & CPI inflation.

Investors should consider this ongoing correction as an opportunity to invest in fundamentally sound companies. Meanwhile, traders should remain cautious and keep their position hedged, as volatility is expected to remain high,” said Jayant Manglik, President, Religare Broking Ltd.

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