Investors' wealth on Friday tumbled by over Rs 4.65 lakh crore as markets suffered a heavy selloff following weak global trends and continued selling by foreign institutional investors.

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The 30-share BSE benchmark Sensex plunged 889.40 points or 1.54 per cent to close at 57,011.74. During the day, it tumbled 950.16 points to 56,950.98.

The market capitalisation of BSE-listed companies declined by Rs 4,65,570.82 crore to Rs 2,59,37,277.66 crore amid weak sentiments.

"Indian market witnessed a sharp cut on the back of weak global cues, FIIs' selling and concerns about Omicron," said Parth Nyati, founder, Tradingo.

IndusInd Bank was the biggest laggard among the 30 frontline companies, slumping 4.89 per cent, followed by Kotak Bank, HUL, Titan, Bajaj Finserv and HDFC.

In contrast, Infosys, HCL Tech, PowerGrid, Sun Pharmaceutical Industries and TCS were among the gainers.

"Weak global sentiments inundated domestic indices as markets are digesting the hawkish stance of major international central banks amid surging Omicron cases. Continued FII selling created tension among domestic investors," said Vinod Nair, Head of Research at Geojit Financial Services.

In the broader market, the BSE midcap and smallcap indices declined up to 2.42 per cent.