Investor wealth tumbles over Rs 11.57 trillion as markets tank for 6th day

As the equity markets continued to face selling pressure for the sixth consecutive session on Friday, investor wealth tumbled by Rs 11,57,928.54 crore during this time.
 

The 30-share BSE benchmark tanked 588.59 points or 1.26 per cent to finish at 46,285.77 on Friday.
 

The benchmark index has been falling from January 21 onwards, taking the total loss to 3,506.35 points or 7.04 per cent.
 

Following this, the market capitalisation of BSE-listed companies has seen an erosion of Rs 11,57,928.54 crore to Rs 1,86,12,644.03 crore during this time.
 

"Weakening global trend due to the concerns of speculation and slowing economic recovery has hugely impacted the cautious pre-budget domestic market," according to Vinod Nair, Head of Research at Geojit Financial Services.

Among the 30-frontline companies chart, Dr Reddy's, Maruti, Bharti Airtel, Bajaj Auto, Infosys and TCS were the major losers, declining up to 5.69 per cent.
 

In contrast, IndusInd Bank, Sun Pharma, ICICI Bank and HDFC Bank closed with gains of up to 5.44 per cent.
 

Meanwhile, Finance Minister Nirmala Sitharaman tabled the Economic Survey 2020-21 in the Lok Sabha, ahead of the Union Budget to be presented on Monday.
 

Among sectoral indices, the major laggards were BSE telecom (2.97 per cent), auto (2.95 per cent), teck (2.63 per cent) and IT (2.48 per cent).
 

In the broader market, the BSE smallcap and midcap indices dipped up to 0.69 per cent.
 

"The market mood has turned fragile as investors have become wary of risks from the upcoming Union Budget, and also selling by FIIs for three days in this week. International markets are also in correction mode due to new lockdowns being enforced in some countries and concerns over new strains of the COVID-19 virus," Rusmik Oza, Executive Vice President, Head of Fundamental Research at Kotak Securities.