Mumbai: Indian equity become poorer by Rs 13 lakh crore in market valuation in two days of crash in the BSE Sensex. The BSE Sensex lost over 2 per cent during this period. The BSE benchmark tanked 1,805.2 points or 2.27 per cent in two days. On Wednesday, it slumped 984.23 points or 1.25 per cent to settle at 77,690.95.
Retail inflation soaring to a 14-month high of 6.21 per cent in October, unabated foreign fund outflows and muted quarterly earnings are the major reasons behind the heavy correction in the markets, traders said.
The market capitalisation of BSE-listed companies eroded by Rs 13,07,898.47 crore to Rs 4,29,46,189.52 crore (USD 5.09 trillion) in two days. Top losers were Tata Steel, Mahindra & Mahindra, Adani Ports, State Bank of India, JSW Steel, HDFC Bank, IndusInd Bank, Kotak Mahindra Bank, Reliance Industries and Bajaj Finserv.
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Market capitalisation or ‘market cap’ is a measure used to evaluate the total value of a publicly traded company. It is calculated by multiplying the current share price of the company by the total number of outstanding shares. In essence, market capitalisation represents the theoretical value of a company.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,024.31 crore on Tuesday. The BSE smallcap gauge tanked 3.08 per cent and midcap slumped 2.56 per cent. All sectoral indices ended lower. Realty tumbled 3.23 per cent, industrials (2.95 per cent), capital goods (2.72 per cent), services (2.54 per cent), metal (2.54 per cent) and commodities (2.45 per cent). A total of 3,299 stocks declined while 670 advanced.
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