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Equity Investors' Wealth Plunges Rs 1.36 Lakh Crore Amid Sell-Off In Markets

Investors became poorer by Rs 1.36 lakh crore on Friday as the markets witnessed a sell-off amid weak global trends.
<div class="paragraphs"><p>The Bombay Stock Exchange building in Mumbai. (Photo: Reuters)</p></div>
The Bombay Stock Exchange building in Mumbai. (Photo: Reuters)
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Investors became poorer by Rs 1.36 lakh crore on Friday as the markets witnessed a sell-off amid weak global trends.

Benchmark stock indices Sensex tanked 671.15 points or 1.12% to close at 59,135.13, as 21 of its scrips declined.

The sharp decline in equities eroded Rs 1,36,037.96 crore from the market capitalisation of BSE-listed firms and that now stands at Rs 2,62,94,723.65 crore.

On Thursday, the market valuation stood at Rs 2,64,30,761.61 crore.

Market breadth was negative as of the total 3,611 scrips traded, 2,099 stocks declined, 1,077 stock advanced while 105 closed unchanged.

The broader Nifty plunged 176.70 points or 1% to close at 17,412.90, with 35 of its stocks ending in the red. The index moved in a range of 17,324.35 to 17,451.50 during the session.

Foreign Institutional Investors emerged as net sellers in the capital market on Thursday as they sold shares worth Rs 561.78 crore, according to exchange data.

Domestic indices extended losses for the second consecutive day in line with sell-off in global markets triggered by a 60% fall in the US-based Silicon Valley Banks.

"All sectors ended in red with major selling seen in banking stocks. Fall in the select U.S. banks added to the overall global uncertainty regarding the quantum of the next Fed rate hike," Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd., said.

In the broader market, the BSE Midcap declined by 171.10 points or 0.69% to 24,617.91 while the Smallcap fell by 165.29 or 0.59% to 27,952.11.

BSE Financial Services declined by 1.77%, BSE Bankex by 1.85%, Capital Goods by 1.08%, Realty by 1.07%, Industrials by 0.85% and BSE IT by 0.63%.

On the other hand, BSE Telecom rose by 1.21% and BSE power by 1.08%.

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