Investors lose Rs 3.5 lakh crore after Sensex, Nifty fall on weak US market sentiment

Investors lost Rs 3.51 lakh crore on June 12 after Sensex and Nifty plunged in early trade amid US markets falling sharply on rising number of coronavirus cases. Market capitalisation on BSE fell to Rs 129.63 lakh crore compared to Rs 133.14 lakh crore on June 11. The erosion in investor wealth came after Sensex declined 741 points to 32,796 points. Nifty lost 224 points or 2.29% to 9,677.

As per the provisional exchange data, foreign institutional investors were net sellers in the capital market, as they sold equity shares worth Rs 805.14 crore on Thursday. Domestic investors too sold Rs 874.35 crore worth equities.

BSE midcap and small cap indices lost 264.49 points and 315.27 points ,respectively in early trade

IndusInd Bank (6.05%), ONGC (5.06%) , Kotak Bank (4.29% ) and NTPC (3.26%) were the top losers on Sensex. Of 30 Sensex stocks, only Sun Pharma (0.86%) and Bharti Airtel (0.51%) were trading in the red. Banking stocks were top losers with BSE bankex tanking 767 points to 22,663. BSE auto and consumer durables lost 407 and 374 points contributing to the fall in Indian markets.

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Bank Nifty lost 675 points to 19,870.  All 19 BSE sectoral indices were trading in the red. Market breadth was negative with 279 stocks rising against 1457 falling on BSE. Number of shares hitting upper circuit in early trade was 97 against 157 hitting lower circuit. 26 shares hit 52 week highs against 14 falling to their  52 week lows.

Stocks in news: SBI, Lupin, Oil India, HDFC Asset Management, TVS Srichakra, M&M, Eicher Motors, Hindalco

US markets plunge

The Dow Jones Industrial Average sank more than 1,800 points and the S&P 500 dropped 5.9%, its worst day since mid-March, when stocks went through repeated harrowing falls as the virus lockdowns began.

The sell-off comes as coronavirus cases rise in the US, with some of the increase likely tied to the reopening of businesses and the lifting of stay-at-home orders.

The S&P 500 dropped 188.04 points to 3,002.10, its biggest decline since March 16. The Dow skidded 1,861.82 points, or 6.9%, to 25,128.17. The Nasdaq composite, which rose above 10,000 for the first time a day earlier, lost 527.62 points, or 5.3%, to 9,492.73.