D-Street Bloodbath: Sensex plummets nearly 2,600 points amid recession fears in US
The sharp decline reportedly wiped out nearly ₹17 lakh crore from the market capitalization of all listed companies on the Bombay Stock Exchange (BSE).
Continuing with their downtrend from the opening session, India’s benchmark equity indices settled sharply lower on Monday as surge in inflation dented investors’ sentiment.
The Consumer Price Index, or retail inflation, rose steeply in March to 6.95 per cent, which was above Reserve Bank of India’s upper tolerance band of 6 per cent for three consecutive months.
Sensex was down 1,122 points or 1.9 per cent at 57,216 points, whereas Nifty was down 292 points or 1.7 per cent at 17,184 points.
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Equity investors have shed around Rs 2.5 trillion on Monday as the benchmark indices took a deep dive.
All India market capitalisation of BSE-lised companies are currently at Rs 2,69,58,392 crore, against Rs 2,72, 12,168 crore on April 13.
Equity markets were closed on Thursday and Friday on account of Dr Baba Saheb Ambedkar Jayanti/Mahavir Jayanti and Good Friday, respectively.
Also, earnings of HDFC Bank and Infosys for Q4 coming short of market expectations hurted investor confidence, said analysts. Shares of these major Indian companies declined 5 per cent and 7 per cent, respectively, on Monday, exchange data showed.
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