Investors' wealth erodes by over Rs 22 lakh cr since beginning of West Asia conflict
New Delhi (PTI): Equity investors became poorer by Rs 22.40 lakh crore since the beginning of the conflict involving the US, Israel and Iran, which has rattled stock markets, driving the BSE Sensex lower by 4.6 per cent.
The US and Israel launched military strikes on Iran on February 28, killing Ayatollah Ali Khamenei, Iran's supreme leader.
Following the military offensive, Iran has carried out a wave of attacks mainly targeting Israeli and American military bases in several Gulf countries, including the UAE, Bahrain, Kuwait, Jordan, and Saudi Arabia.
Brent crude, the global oil benchmark, jumped 12.82 per cent to USD 104.6 per barrel.
Since February 27, the 30-share BSE Sensex has tanked 3,721.03 points or 4.57 per cent.
The market capitalisation of BSE-listed companies dropped sharply by Rs 22,40,408.82 crore to Rs 4,41,10,262.45 crore (USD 4.78 trillion) during this time.
"Indian equity markets ended the session sharply lower after opening with a steep gap-down of nearly 3 per cent, as weak global cues and the deepening conflict in the Middle East weighed heavily on investor sentiment.
"The escalation in geopolitical risks pushed crude oil prices above the USD 100 per barrel mark and drove the Indian rupee to a record low against the US dollar, amplifying concerns around inflation and external balances," Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
On Monday, the Sensex tanked 1,352.74 points or 1.71 per cent to settle at 77,566.16, registering its second day of decline. During the day, the benchmark crashed 2,494.35 points or 3.16 per cent to 76,424.55.
"Selling intensified as the Middle East conflict entered its second week with no signs of de-escalation," Vinod Nair, Head of Research, Geojit Investments Limited, said.
UltraTech Cement was the biggest loser in the Sensex pack, tumbling 5.09 per cent, followed by Maruti, Mahindra & Mahindra, State Bank of India, InterGlobe Aviation, and Adani Ports, which were among the major laggards.
In contrast, Reliance Industries, Sun Pharma, Infosys, Tech Mahindra and HCL Tech were the gainers.
The BSE smallcap select index dived 2.11 per cent and the midcap select index tanked 2.08 per cent.
All BSE sectoral indices ended lower. The BSE mid-small private banks quality tilt tumbled 4.50 per cent, PSU Bank (3.92 per cent), auto (3.89 per cent), services (3.37 per cent), Bankex (3.16 per cent), oil & gas (3.11 per cent) and Private Banks index (2.89 per cent).
A total of 3,379 stocks declined, while 972 advanced and 185 remained unchanged on the BSE.
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KKR defeat LSG via Super Over
Lucknow (PTI): Kolkata Knight Riders edged Lucknow Super Giants via Super Overs in a battle between two bottom-placed teams in the IPL, here on Sunday.
Chasing a modest 156, LSG suffered a batting collapse and managed to tie the contest and take it to Super Over with No. 9 Mohammed Shami striking a last-ball six against a wayward Kartik Tyagi, who leaked 16 runs in the final over.
But Sunil Narine bowled a stunning Super Over conceding just one run and taking two wickets to give KKR an easy target.
Rinku Singh then finished the chase with a boundary off first ball from Prince Yadav.
Earlier the KKR were in deep trouble with 93/7 in 15 overs but Rinku smashed a sensational 83 not out from 51 balls including four sixes in a row in the final over to lift them to 155/7.
Cameron Green (34) was the only other batter to reach double-digit scores as KKR suffered a familiar batting meltdown with Mohsin taking his maiden fifer.
In reply, LSG continued their dismal show with the bat to succumb to their fifth loss in a row.
Brief Scores:
Kolkata Knight Riders 155/7; 20 overs (Rinku Singh 83 not out, Cameron Green 34; Mohsin Khan 5/23). Lucknow Super Giants 155/8; 20 overs (Rishabh Pant 42). KKR won via Super Over.
