Market valuation of eight of top-10 most valued firms surges over Rs 1.21 trillion
Reliance Industries became the biggest gainer, in line with an outstanding rally in benchmark equity indices.
Investors’ wealth tumbled over Rs 4.54 lakh crore in morning trade on Monday as markets crashed amid a sharp spike in coronavirus cases in the country.
The 30-share BSE benchmark index plummeted 1,449.03 points to 48,580.80 in morning trade.
Following this, the market capitalisation of BSE-listed companies dived Rs 4,54,987.72 crore to Rs 2,02,71,414.07 crore.
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From the 30-share pack, 27 companies were trading lower led by banking companies IndusInd Bank, Bajaj Finance, Bajaj Finserv, State Bank of India, Axis Bank and HDFC.
“The fundamental factors influencing markets are changing fast. There are both positives and negatives. … the fast-rising COVID cases is a cause of concern. Restriction of economic activity in many areas might impact growth recovery. But, as of now, there are no signs of a slowdown in the economy,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Coronavirus cases in India hit a record daily high since the the outbreak of the pandemic with 1,03,558 new infections pushing the nationwide COVID-19 tally to 1,25,89,067, according to the Union Health Ministry data updated on Monday.
The BSE midcap index and small cap index were trading over 2 per cent lower.
Equity markets were closed on April 2, for ‘Good Friday’.
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