BSE-listed companies' market-cap erodes by Rs 11.45 lakh crore in two days amid global sell-off

In an extended sell-off on Monday, the average market capitalisation of BSE-listed companies eroded by Rs 11.45 lakh crore, down 4.3 per cent in the last two trading sessions to Rs 2,52,57,581.05 from Rs 2,64,02,848.48 registered on December 16, 2021. 

The investors became poorer by almost Rs 7 lakh crore on Monday, as the BSE Sensex declined over 1,182 points or 2 per cent to 55,822 at the market close. In comparison, the market cap of BSE-listed companies on December 17, 2021 (Friday) was reported Rs 2,59,37,277.66 as per BSE. 

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In the 30-stock Sensex, Tata Steel slumped most by over 5 per cent, followed by IndusInd Bank down over 4 per cent. Similarly, SBI and Bajaj Finance each slipped almost 4 per cent and HDFC Bank tumbled over 3 per cent at the market close. 

On the contrary, Hindustan Unilever and Dr Reddy’s were the only two gainers each up around 2 and 1 per cent at the market close on the BSE. 

The domestic markets reacted to the news of a sharp jump in the new variant of covid Omicron cases globally which may result in a lockdown, Ajit Mishra, VP - Research, Religare Broking said. “Moreover, the continuous outflow of the foreign fund was also weighing on the sentiment.” 

With having major support at the 16300-level, investors can start accumulating quality stocks selectively from a long-term investment perspective. The market analyst states.