NEW DELHI: 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.
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’.