Investor wealth falls by Rs 3.35 lakh cr in two days as stocks bleed

New Delhi, Mar 30 () Equity market investors have lost over Rs 3.35 lakh crore in two days as sentiment remained weak amid a steady rise in coronavirus cases in the country.

The 30-share BSE barometer Sensex plunged 1,375.27 points or 4.61 per cent to close at 28,440.32 on Monday. On Friday, it had fallen by 131.18 points.

Led by the two-day decline in equities, the market capitalisation of BSE-listed companies dropped by Rs 3,35,192.89 crore to Rs 1,09,63,832.17 crore.

"While the coordinated stimulus action from governments around the world has offered some respite, the volatility in the market is likely to continue as there is no certainty as to how long the problem will persist and its repercussions on the economy.

"It would continue to track the trend in coronavirus cases globally and the economic impact of lockdowns undertaken by several countries," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Among Sensex constituents, 24 closed the day lower. Bajaj Finance was the top drag, falling nearly 12 per cent, followed by HDFC, Tata Steel, HDFC Bank and ICICI Bank.

In the broader market, the BSE midcap and smallcap indices fell by up to 2.13 per cent.

Among indices, BSE realty, finance, bankex and auto tumbled up to 7.01 per cent, while healthcare and FMCG gained.

"As expected, the markets have set aside the stimulus measures announced by the RBI and the government, and focused on the rising virus infections and its impact on the Indian economy," said Vinod Nair, Head of Research, Geojit Financial Services.

At the BSE, 1,392 companies declined, while 881 advanced and 180 remained unchanged.

The number of Covid-19 cases in India shot past the 1,000-mark on Monday, with the death toll rising to 29. SUM ABMABM