Sensex Sinks: The Indian stock mar ‘ket’s benchmark Sen sex tumbled 1404 points on Monday amid a selloff in the global equities leading to an erosion of nearly Rs 6 lakh crore in the combined value of listed companies.
The 30 stock S&P BSE Sensex tumbled 1404.39 points or 2.59 percent to trade at 52,899.05 points at 12.29 pm, against its previous day’s close at 54,303.44 points. Earlier, the Sensex opened sharply down at 53,184.61 points and tumbled to a low of 52,734.98 points.
This is the second consecutive session of a sharp drop in the benchmark index. The Sensex had lost 1016.84 points or 1.84 percent on Friday.
The broader Nifty 50 of the National Stock Exchange tumbled 416.65 points or 2.57 percent to 15,785.15 points against its previous day’s close at 16,201.80 points.
Earlier, the Nifty opened deep in the red at 15,877.55 points and slumped to a low of 15,749.90 points.
Sensex Sinks – Investors Loss 6 Lakh Crores
The selloff has led to an erosion of around Rs 6 lakh crore of investors’ wealth.
The combined market capitalization of the BSE listed companies slumped to Rs 246.12 lakh crore in the afternoon trade from Rs 251.84 lakh crore recorded on Friday, the last trading session, leading to an erosion of Rs 5.71 lakh crore in the market value.
Banking and financial stocks crashed. Bajaj Finserv tumbled 6 per cent. Bajaj Finance crashed 5.27 percent to Rs 5369.10. IndusInd Bank slumped 5.32 percent to Rs 869.70. ICICI Bank lost around five percent. State Bank of India dipped 3.51 percent to Rs 445.60. There was heavy selling pressure on IT stocks. TCS slumped around four percent. Tech Mahindra was trading 4.37 percent down. Infosys was down 3.53 percent.