New Delhi: Investors’ wealth eroded by Rs 8.96 lakh crore on Wednesday as equity markets went into a tailspin after US President Donald Trump said the interim agreement with Iran is over, leading to a sharp surge in crude oil prices.
The 30-share BSE Sensex tanked 1,677.12 points, or 2.15 per cent, to settle at 76,503.60. On similar lines, the 50-share NSE Nifty tumbled 516.65 points, or 2.12 per cent, to end at 23,882.05.
Tracking the bearish trend in equities, the market capitalisation of BSE-listed companies eroded by Rs 8.96 lakh crore to Rs 4,71,23,612.10 crore (USD 4.95 trillion).
Brent crude, the global oil benchmark, jumped 6.18 per cent to USD 78.74 per barrel.
“Indian equity markets witnessed a sharp sell-off as US President Donald Trump declared the interim peace deal with Iran is ‘over’ following Iranian attacks on commercial vessels in the Strait of Hormuz, reigniting geopolitical tensions and raising fresh concerns over global energy supplies.
“The renewed escalation triggered a sharp rebound in crude oil prices, which surged nearly 7 per cent, sending shockwaves across global financial markets,” Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
All firms in the Sensex pack ended in the red. InterGlobe Aviation, Maruti, Hindustan Unilever, Bajaj Finance, Kotak Mahindra Bank and Mahindra & Mahindra were major laggards.
All sectors ended lower. Services fell sharply by 3.21 per cent, PSU Bank (2.76 per cent), MidSmall Private Banks Quality Tilt (2.74 per cent), FMCG (2.54 per cent), Financial Services (2.49 per cent), Bankex (2.46 per cent) and Top 10 Banks (2.34 per cent).
The BSE MidCap Select index tanked 2.14 per cent, and the SmallCap Select index dropped 1.61 per cent.
A total of 3,211 stocks declined, while 1,070 advanced and 173 remained unchanged on the BSE.
