Markets crash amid world meltdown; traders lose Rs 4.23 lakh cr

Mumbai, September 21

The Sensex dived 812 factors whereas the Nifty closed under the 11,300-mark on Monday, in tandem with a worldwide selloff after a resurgence of coronavirus circumstances in Europe stoked fears of one other spherical of lockdowns.

Denmark, Greece and Spain have imposed recent restrictions on actions to deal with a surge in COVID-19 infections. Britain too is contemplating a second nation-wide lockdown, prompting traders in Europe to dump journey, consumption and banking shares.

Falling for the third straight session, the 30-share BSE Sensex index ended 811.68 factors or 2.09 per cent decrease at 38,034.14. 

Similarly, the NSE Nifty tumbled 254.40 factors or 2.21 per cent to complete at 11,250.55.

IndusInd Bank was the highest loser within the Sensex pack, tanking 8.67 per cent, adopted by Bharti Airtel, Tata Steel, ICICI Bank, M&M, Maruti, Axis Bank and Bajaj Finance.

Only three index elements ended within the inexperienced—Kotak Bank, Infosys and TCS, rising as much as 0.86 per cent.

The market capitalisation of all BSE-listed firms fell to Rs 1,54,76,979.16 crore, wiping off Rs 4.23 lakh crore of investor wealth.

“Indian benchmark indices succumbed to revenue reserving within the second half of the buying and selling day and ended greater than 2 per cent down. It was in sync with world cues which turned unfavorable following a surge in infections in numerous international locations, together with in Europe. 

“Additional restrictions were being considered in Europe following an increase in infections. With high valuations and worries that earnings may not justify such valuations anytime soon, markets may trade uncertain for the time being. Stay cautious,” stated Vinod Nair, Head of Research at Geojit Financial Services.

All sectoral indices ended within the pink, with BSE telecom, realty, metallic, auto, healthcare and fundamental supplies cracking as much as 5.77 per cent.

Broader BSE midcap and smallcap indices crashed as a lot as 3.61 per cent.

In remainder of Asia, bourses in Shanghai, Hong Kong and Seoul ended considerably decrease.

Stock exchanges in Europe witnessed heavy selloff in opening commerce, declining as much as Three per cent.

Meanwhile, world oil benchmark Brent crude was buying and selling 2.04 per cent decrease at USD 42.27 per barrel.

In the foreign exchange market, the rupee strengthened 7 paise and closed at 73.38 in opposition to the US greenback. — PTI

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