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    Investors lose Rs 2.63 lakh crore; over 250 stocks hit lower circuits

    Synopsis

    The m-cap of all the BSE-listed firms fell to Rs 135.77 lakh crore from Rs 138.40 lakh crore.

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    The market capitalisation of all the BSE-listed firms fell to Rs 135.77 lakh crore from Rs 138.40 lakh crore.
    NEW DELHI: It was yet another terrible Thursday for stock market investors, as more than Rs 2.63 lakh cro re got wiped out in across the board selloff, wherein over 250 stocks hit their lower circuits on the BSE.

    The market capitalisation of all the BSE-listed firms fell to Rs 135.77 lakh crore from Rs 138.40 lakh crore.

    Both benchmark indices BSE Sensex and NSE Nifty lost over 2 per cent following all round selling on Dalal Street. As a result, over 250 stocks on the BSE hit their lower circuits in today’s trade including Kwality, IL&FS Transportation and Central Bank of India in Group A.

    Pritam Deuskar, Fund Manager, Bonanza Portfolio said, “Selloff in market has come following severe selling in Dow Jones in the US. Trump statement added fuel to it. What we think is the range for Nifty is bound currently in between 10,000 on downside and 10,650 on the upside. In a weak market, any negative news always hurts the strength and sentiment.”

    In the Group B, stocks including Tree House, Arrow Green, IVC, V Mart, Winsome and GBL Infra were also locked in at lower circuit in today’s trade.

    Besides these stocks, four stocks in Group M, 1 in Group MT, 2 in Group P, 48 in Group T, 63 in Group X and 14 stocks in Group Z also hit their lower circuit.

    On the other hand, 148 stocks on the exchange scaled upper circuit in Thursday’s trade.

    The BSE Sensex closed 759.74 points, or 2.19 per cent, down at 34001.15, while the NSE Nifty index settled 225.45 points, or 2.16 per cent, down at 10,234.65.

    Saravana Kumar, Chief Investment Officer at LIC Mutual Fund said, “Global stock market correction is putting pressure to Indian market. In addition equity market has corrected due to (a) surging crude oil prices (b) depreciation of the rupee and (c) turmoil in the NBFC sector due to IL&FS crisis. Sensex has corrected since lower level since November 2016. Shares of NBFC s has corrected due to concerns on the tighter liquidity and after RBI said it would tighten the rules.”

    Institutional Investors will be watching closely on quarterly financial results and taking calls on the future direction. “It is expected, since equity market has corrected at good percentage, selective sectors would recover soon. We are anticipating the rural theme will continue do well. Anticipating the currency depreciation, we expect export oriented sectors like pharmaceuticals, information technology, agro chemicals, would do well going forward. Selective auto OEMs and auto ancillaries and FMCG sectors would do well,” he added.

    VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, “Today’s market selloff is part of the global sell off triggered by the sharp cut in the mother market US. When the market is highly valued, some trigger can bring it down. In US the economy is doing very well, so much so that inflation has started creeping up. The US 10 year bond yield, the risk free asset in the world, is around 3.15 percent. This is triggering capital outflows from emerging markets (EM) like India. Apart from the rising yield in the US and EM currency woes, there are global trade skirmishes impacting the sentiment.”




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    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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