Surging crude prices and foreign capital outflows also weighed on investor sentiment
Representative Image
Investors’ wealth tumbled Rs 86,741.74 crore on Wednesday, mirroring weakness in the global equity markets amid escalating tensions between Russia and Ukraine.
ADVERTISEMENT
The BSE benchmark Sensex slumped 1,227.18 points to 55,020.10 during the day in line with a global selloff. It finally settled at 55,468.90, lower by 778.38 points or 1.38 per cent. Surging crude prices and foreign capital outflows also weighed on investor sentiment.
The market capitalisation of BSE-listed companies tanked Rs 86,741.74 crore to reach Rs 2,51,52,303.35 crore in tandem with the massive selloff.
“Indian markets had to face a double whammy situation today where geopolitical tension is a major headwind while a sharp surge in crude oil prices is a key risk for the Indian market because Brent Crude has crossed the $110 mark.
“If we look at the headline indices then the market was looking very weak but there was some buying in the broader market from lower levels,” said Santosh Meena, Swastika Investmart Ltd.
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
