Markets

Investors lose ₹4.23 lakh cr. as global sell-off hits stocks

On the Sensex chart, IT major TCS rose the most, gaining over 7%. File   | Photo Credit: PAUL NORONHA

The Sensex dived 812 points while the Nifty closed below the 11,300-mark on Monday, in tandem with a global sell-off after a resurgence of COVID-19 cases in Europe stoked fears of another round of lockdowns.

Denmark, Greece and Spain have imposed fresh curbs to tackle a surge in infections. Britain too is considering a second lockdown, prompting investors in Europe to offload travel, consumption and banking stocks.

Falling for the third straight session, the BSE Sensex ended 811.68 points, or 2.09%, lower at 38,034.14. The NSE Nifty tumbled 2.21% to 11,250.55. IndusInd Bank was the top loser in the Sensex pack, sliding 8.67%, followed by Bharti Airtel, Tata Steel, ICICI Bank, M&M, Maruti and Axis Bank.

The market capitalisation of all BSE-listed companies fell to ₹154.76 lakh crore, wiping off ₹4.23 lakh crore of investor wealth.

“With high valuations and worries that earnings may not justify such valuations anytime soon, markets may trade uncertain for the time being,” said Vinod Nair, Head of Research at Geojit Financial Services. “Stay cautious.”

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Printable version | Oct 22, 2020 4:34:59 PM | https://www.thehindu.com/business/markets/investors-lose-423-lakh-cr-as-global-sell-off-hits-stocks/article32663910.ece

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