Investor wealth declines over Rs 2.23 trillion tracking weak markets

Investor wealth on Friday declined over Rs 2.23 trillion as markets cracked.

The 30-share BSE Sensex slumped 549.49 points or 1.11 per cent to close at 49,034.67. During the day, it plunged 788.37 points to 48,795.79.

Following the bearish trend, the market capitalisation of the BSE-listed companies dived Rs 2,23,012.44 crore to Rs 1,95,43,560.22 crore.

Religare Broking Vice-President (Research) Ajit Mishra said, "Markets traded volatile and settled with a cut of over a per cent. Participants were in the profit-taking mood from the beginning citing overbought market conditions."

He added that the global cues also remained unsupportive in Friday's session.

Tech Mahindra was the top loser in the Sensex pack, falling 4.35 per cent, followed by HCL Tech, Oil and Natural Gas Corporation (ONGC) and Asian Paints.

In the broader market, the BSE Midcap and Smallcap indices dipped up to 1.25 per cent.

Sector-wise, BSE oil and gas, information technology, realty, capital goods, utilities and energy indices declined up to 2.43 per cent, while telecom was the only gainer with 3.68 per cent gains.

On the BSE, 1,946 companies declined, while 1,080 advanced and 137 remained unchanged.