Surging crude prices and foreign capital outflows also weighed on investor sentiment
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Investors’ wealth tumbled Rs 86,741.74 crore on Wednesday, mirroring weakness in the global equity markets amid escalating tensions between Russia and Ukraine.
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.
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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.
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