Equity investors suffered a massive loss of Rs 31 lakh crore on Tuesday as markets went into a tailspin with the BSE Sensex tumbling nearly 6 per cent as vote counting trends showed the BJP may not have a clear majority in the Lok Sabha polls.
Erasing the record-rally of the previous trade, the 30-share BSE Sensex cracked 4,389.73 points or 5.74 per cent to settle at 72,079.05. During the day, the benchmark tanked 6,234.35 points or 8.15 per cent to hit a nearly five-month low of 70,234.43.
Markets had previously declined by over 13 per cent on March 23, 2020 when lockdown was imposed due to the COVID-19 pandemic.
In line with weak trend in equities, the market capitalisation of BSE-listed companies eroded by Rs 31,07,806.27 crore to Rs 3,94,83,705.27 crore on Tuesday. Following the huge rally in equities on Monday, the market capitalisation of BSE-listed firms had climbed Rs 13,78,630.4 crore to hit an all-time peak of Rs 4,25,91,511.54 crore (USD 5.13 trillion).
"BJP falling short of a complete majority won't stop NDA from forming a new government along with its key allies. Stock markets have been expecting a complete majority for the BJP and a thumping victory for the NDA. Exit polls too cemented the expectations. Markets had factored in the best possible outcome and valuations are rich.
Denne historien er fra June 05, 2024-utgaven av The Free Press Journal.
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Denne historien er fra June 05, 2024-utgaven av The Free Press Journal.
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