Dragged
down by a massive fall in the stock market, total investor wealth
slumped by nearly Rs 3 lakh crore today as shares of over 2,200
listed firms ended in the red. The BSE benchmark index Sensex closed
at 26,987.46, down 854.86 points or 3.07 per cent. The NSE Nifty also
tanked 251 points, or 3 per cent, on massive selling across sectors.
In-line with the weak broader market, the total investor wealth
plunged by Rs 2.9 lakh crore to Rs 96.74 lakh crore. Total investor
wealth, or market capitalisation, is the aggregate value of all
listed firms. After crude oil price fell below USD 50 per barrel, the
first time in almost 5 years, markets were spooked by fears of an
disorderly exit of Greece from the Euro zone. "Greece's
financial troubles continued throughout the day. Greece has been
plunged in a government-debt crisis and has sought the help of its
Euro-zone partners to bail the country out of debt," said
brokerage firm RKSV's co-founder Raghu Kumar. Following the market
crash, all but HUL among the 30 Sensex components closed the day with
losses. ONGC was the worst hit with a fall of almost 6 per cent,
followed by Sesa Sterlite Ltd, Tata Steel, HDFC, Reliance Industries
Ltd and BHEL. Further, all the 12 BSE sectoral indices also suffered
losses in the range of 1-4 per cent. As many as 2,253 stocks
declined, while 644 advanced and 58 remained unchanged in the market.
Globally, crude slumped to USD 49.95 a barrel, a level not seen since
May 2009. Brent also fell by USD 3.31 to 53.50 per barrel. However,
some experts said a falling crude price continues to bode well for
the Indian economy. "Falling crude prices is a positive
development for India as it would have a favorable impact on the
country’s current account deficit and would curb fuel price
inflation in the domestic economy," said Angel Broking, MD -
Institution, Lalit Thakkar.
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