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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RCB beat MI by 18 runs after batters fire
Mumbai (PTI): Royal Challengers Bengaluru skipper Rajat Patidar, Phil Salt and Virat Kohli blasted half-centuries as the defending champions beat Mumbai Indians by 18 runs in an Indian Premier League match here on Sunday.
Salt (78 off 36 balls) and Kohli (50 off 38 balls) stitched together a 120-run stand for the opening wicket before Patidar scored a rapid 53 off just 20 balls as RCB posted 240 for 4.
In response, Mumbai Indians were restricted to 222 for 5, with RCB spinner Suyash Sharma (2/47) putting the skids on the home side with a double strike in the eighth over, from which they could not recover.
Sherfane Rutherford top-scored for MI with an unbeaten 71 off 31 balls.
While opener Rohit Sharma appeared to be struggling with a hamstring issue and had to retire hurt on 19, his partner Ryan Rickelton made 37, while Suryakumar Yadav (33) and Hardik Pandya (40) were the other contributors for MI.
Brief scores:
Royal Challengers Bengaluru 240 for 4 in 20 overs (Phil Salt 78, Virat Kohli 50, Rajat Patidar 53, Tim David 35 not out).
Mumbai Indians: 222 for 5 in 20 overs (Sherfane Rutherford 71 not out, Ryan Rickelton 37, Hardik Pandya 40; Suyash Sharma 2/47).
