Market rout wipes out Rs 3.62 trillion of investor wealth in 3 days

As the market rout continued for the third straight session Wednesday, investor wealth eroded by Rs 3.62 trillion in three trading days.

Market benchmark BSE Sensex fell further by 169.45 points to end at a near two-month low of 37,121.22, extending losses for the third straight session Wednesday. The index tanked 970 points or more than 2.5 per cent since Monday, largely hit by rupee woes and escalating trade tensions between the US and China.

Led by losses in stocks, the market capitalisation of BSE listed companies eroded by Rs 3.62 trillion to Rs 1.52 trillion since Friday.

Market analysts said that trade war escalation issues between US and China, increasing crude oil prices and depreciating rupee against the dollar have dampened sentiments.

"Despite favourable global cues and recovery in rupee, the domestic market continued to witness selling pressure due to higher oil price and yield," said Vinod Nair, Head of Research, Geojit Financial Services Ltd.

From the 30-share basket, 16 stocks fell, while 14 ended with gains. Indusind Bank, Maruti Suzuki India, HDFC Bank,YES Bank and HDFC were the worst performers.

Coal India Ltd, ONGC, Tata Steel and Hero MotoCorp led the gainers pack.

At the BSE, 1,704 stocks declined, while 968 advanced and 173 remained unchanged.

As many as 180 stocks hit their 52-week low levels on BSE Wednesday.