12 Apr , 2021 By : Kanchan Joshi
It was a bloodbath on the D-street on Monday as investors' wealth tumbled by Rs6,86,708.74 crore in morning trade following massive losses in the equity market as sentiments remained muted due to fear of covid lockdowns in the country.
The 30-share BSE benchmark index plunged 1,479.15 points to 48,112.17 in morning trade.
Tracking losses in equities, the market capitalization of BSE-listed companies eroded by Rs6,86,708.74 crore to Rs2,02,76,533.13 crore.
IndusInd Bank was the biggest loser among the 30-share companies pack, declining over 7%, followed by SBI, Bajaj Finance and Axis Bank.
"Domestic equities do not look to be inspiring at the moment. A sharp increase in COVID-19 daily cases in the country, and possibility of large economic restrictions are expected to keep investors nervous in the near term. Further, the possibility of lockdown in large states like Maharashtra will weigh on investors' sentiments.
"Additionally, recent weakness in INR may also aggravate investors' concerns. However, 4Q FY21 earnings, wherein IT majors are scheduled to deliver their numbers this week, are to be in focus," said Binod Modi, Head Strategy at Reliance Securities.
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