On Wednesday, investors’ wealth decreased by Rs76,196.54 crore as the market saw a sell-off due to growing worries about potential aggressive interest rate rises to control soaring inflation. The market value of BSE-listed businesses, a measure of investor wealth, fell by Rs76,196.54 crore to Rs2,85,94,997.40 crore as the 30-share Sensex fell by 224.11 points, or 0.37 %, to reach 60,346.97 points.
The market valuation on Tuesday, when the markets had risen for the fourth consecutive day, was Rs2,86,71,193.94 crore. The 30-share index gained over 1,200 points from the lows in the early going before concluding at 60,346.97 points, a decrease of 224.11 points or 0.37 % from Tuesday’s closing level.
The larger NSE Nifty ended the day at 18,003.75 points, down 66.30 points or 0.37 %. Following significant losses in US markets, the Sensex had fallen 1,150 points to a low of 59,417.12 points, while the Nifty had fallen to a low of 17,771.15 points in early trade on Wednesday.
As a result of initial trades, the market capitalization of companies listed on the BSE fell by Rs2.21 lakh crore, following the negative trend in stocks. However, the markets steadily recovered and cut most of their losses to close 4% down. Indian markets showed significant resilience in the face of unfavorable global signals, according to Siddhartha Khemka, Head Of Retail Research, Motilal Oswal Financial Services.
Although markets started the day 1.6% down, they steadily recovered during the day to erase the entire starting loss and managed to end close to the day’s high with a minor loss of 0.4%. The local equity market is still being driven by a “controlled inflationary environment v/s global peers, solid flows from retail, domestic as well as international institutions.
“Although there may be brief periods of volatility brought on by unfavourable global signals. The Indian markets are receiving much-needed strength from support base purchasing at lower levels, and any significant loss will present an excellent chance to purchase Indian stocks “Khemka continued.
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