Investor wealth erodes Rs 4.82 trn as Covid-19 cases continue to spike

Investor wealth tumbled by Rs 4,82,033.63 crore in two days of market fall as rise in Covid-19 cases further triggered selling in equities.

The Sensex plummeted 674.36 points or 2.39 per cent to close at 27,590.95 on Friday.

Selling in markets led to a decline in market capitalisation of the BSE-listed companies which tumbled Rs 4,82,033.63 crore to Rs 1,08,66,722.96 crore in two days.

"The Indian benchmark indices continued to plunge southwards, after a surge in the number of coronavirus cases in India. Besides, Moody's report on the banking sector wherein they have changed their outlook, further dented the sentiment," Ajit Mishra, vice-president (research), Religare Broking Ltd, said.

Axis Bank was the top loser in the Sensex pack, dropping 9.16 per cent, followed by IndusInd Bank, ICICI Bank, Titan, SBI, Maruti and HDFC, while eight companies including Sun Pharma, ITC, ONGC, M&M and Tech Mahindra were the gainers.

"The Indian markets opened and stayed negative, with reduced volatility. A ratings downgrade for the banking sector, due to the impact of COVID-19 and ensuing stressed asset concerns, impacted the financial stocks. Markets are trading uncertainty, regarding the spread of the virus in India," Vinod Nair, head of research, Geojit Financial Services, said.

The BSE Midcap and Smallcap fell by 1.17 per cent and 1.03 per cent, respectively.

The BSE bankex, finance, auto, IT, teck and metal indices ended up to 5.39 per cent lower, while healthcare, oil and gas, utilities, FMCG and telecom closed with gains.

The 30-share BSE barometer had tanked 1,203.18 points on April 1.

Market was closed on Thursday on account of 'Ram Navami'.