Two days of mkt slump wipes out Rs 8.35 lakh cr investors' wealth
In two days, the benchmark has lost 1,396.54 points or 1.69 per cent.
Falling for the second day in a row on Friday, the 30-share BSE Sensex dived 573.38 points or 0.70 per cent to settle at 81,118.60. During the morning trade, it tanked 1,337.39 points or 1.63 per cent to 80,354.59.
New Delhi, Jun 13 (PTI) Equity investors become poorer by Rs 8.35 lakh crore in two days of market fall, where the benchmark Sensex dropped nearly 2 per cent amid heightened Middle East tensions, which drove Brent crude oil prices to sky-high levels.
The market capitalisation of BSE-listed firms eroded by Rs 8,35,799.85 crore to Rs 4,47,21,343.34 crore (USD 5.19 trillion) in two days.
'Indian equities fell sharply, reacting to weak global cues and a surge in crude oil prices after Israel launched military strikes on Iran earlier today. The sharp rise in crude prices weighed on the Indian rupee and led to selling pressure in OMCs, paints, tyres and lubricant stocks,' Siddhartha Khemka, Head – Research, Wealth Management at Motilal Oswal Financial Services Ltd, said.
Global oil benchmark Brent crude jumped 7.61 per cent to USD 74.64 a barrel.
'Indian equity markets endured a sharp sell-off on Friday, with the Nifty-50 and Sensex both off their intra-day lows but still closing with significant losses. The market faced pressure from geopolitical tensions in the Middle East, surging crude oil prices, and broad-based sectoral weakness,' Satish Chandra Aluri, Analyst at Lemonn Markets Desk, said.
Among the Sensex firms, Adani Ports, ITC, State Bank of India, IndusInd Bank, HDFC Bank, Titan, Kotak Mahindra Bank and UltraTech Cement were the major laggards.
On the other hand, Tech Mahindra, Tata Consultancy Services, Maruti and Sun Pharma were the gainers.
The BSE midcap gauge declined 0.32 per cent and smallcap index dipped 0.30 per cent.
Among BSE sectoral indices, services tumbled 2.06 per cent, bankex (1.01 per cent), FMCG (0.94 per cent), financial services (0.85 per cent), metal (0.81 per cent) and power (0.75 per cent).
Healthcare index and realty were the only winners.
As many as 2,469 stocks declined while 1,516 advanced and 137 remained unchanged on the BSE. PTI SUM SUM SHW
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
28 minutes ago
- Time of India
Bullets, gunpowder gutted as fire hits Verna ammo company
Vasco: Bullets and gunpowder were gutted in a major fire that broke out at Hughes Precision Manufacturing Pvt Ltd, at IDC Verna early on Saturday. Verna fire station in charge Dilesh Gaonkar told TOI that the fire broke out around 4am, and the firefighters received a call from the headquarters about the accident around 4.10am. 'Live and spent bullets and gunpowder stored in one room of the company were destroyed by the flames,' Gaonkar said. 'Boxes containing ammunition turned to ashes, but luckily no casualties were reported.' He said that fire tenders were pressed into service from Verna, Vasco, Margao, and Panjim. 'According to the company's officials, CCTV cameras captured smoke coming out of the storage room,' Gaonkar said. 'The preliminary probe has suggested that a short circuit could be the reason for the massive fire.' Gaonkar said that the Verna fire station has asked the company to provide details on the materials gutted and the loss incurred in the fire. Sources said the loss could run into crores. The company supplies ammunition to the Indian defence forces. The fire tenders were deployed at the company site till late on Saturday. 'Although we succeeded in extinguishing the flames, we are monitoring the site,' Gaonkar said.
Time of India
43 minutes ago
- Time of India
I-T raid unearths gold smuggling and hawala transactions
Kozhikode: The Income Tax (I-T) department conducted searches at multiple premises of Seashell Savoury Group and Pulikkal Group in Kozhikode on Saturday allegedly revealing hawala transactions, reverse hawala, gold smuggling, unreported foreign investments, underreported land purchases in cash and other undisclosed financial activities. The I-T department said that the findings at multiple locations point to large-scale tax evasion and concealment of income and assets both in India and abroad. Search was conducted at the residential and business premises of Abdu Razakh Pulikkal, Rasheed Ali Pulikkal, Ahammed Kabeer Pulikkal. Details of foreign dividends received over the years were unearthed in the raid. "Clear evidence of the use of hawala channels to send money amassed abroad to India was uncovered. Undisclosed investments in several buildings, land, and illegal quarries/crushers were found," it said. Sales suppression over the years was quantified from the offices of Delicia Group. "Details of income from GCC region transferred to Indonesia for purchases were also uncovered," it said. Searches were also conducted at the residential premises of Hameed Narikolil, Kunhimoosa and their business premises. It says that the group has revenue from hotel businesses both in India and abroad. It operates more than 80 hotels in the GCC region, owned and managed by Indian residents but not disclosed for taxation in India.
Time of India
43 minutes ago
- Time of India
Opium farmers demand policy overhaul, fair pricing
Jaipur: The opium farmers' association of Rajasthan and Madhya Pradesh has strongly urged the Centre to rethink its opium cultivation policy for 2025-26. They have demanded fair treatment of farmers, higher prices, and an end to what they call 'exploitative practices'. In a statement released Friday, the association clarified that "opium is a medicinal crop, not a drug" and blamed corrupt officials rather than the crop itself for mismanagement. "Opium is not inferior — it is the system and some officials that failed the farmers," the association asserted. Key demands include issuing traditional cultivation licences to all farmers and families who grew opium since Independence and revising the price of raw opium to at least Rs 50,000 per kg to align with global standards. "Farmers have faced years of exploitation under the guise of regulation while their production costs skyrocketed," the association said. The group also criticised the govt-imposed Concentrated Poppy Straw (CPS) system, describing it as an attempt to "enslave farmers to private companies." They called for its discontinuation, arguing that if CPS was genuinely effective, parallel traditional farming wouldn't still exist. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với mức chênh lệch giá thấp nhất IC Markets Đăng ký Undo "If CPS is truly superior, make its performance data public. Stop forcing it on traditional farmers," the association has demanded. The association suggests that the govt should directly buy and fairly compensate for all by-products like doda chura, comparing it to how no one expects farmers to manage cow dung after consuming the milk. The Central Bureau of Narcotics issues licences to farmers for opium cultivation and is the sole authority responsible for its procurement. They have also urged the govt to prevent opium cultivation from falling into the hands of private companies and called for a CBI probe into the operations of the narcotics department between 2015 and 2025. The farmers stressed that adopting their suggestions would "ensure economic freedom for the country, prosperity for farmers, and affordable medicines for patients, in line with the PM's 'Make in India, Made by Farmers' vision."
