Four days of market slump wipes out Rs 24.69 lakh cr of investors' wealth
New Delhi, Jan 13: Investors lost Rs 24.69 lakh crore in market valuation in the last four days of severe drubbing in the equity market.
Spike in global crude prices, unabated foreign fund outflows, a strong US jobs data diminishing early rate cut expectations, and the rupee logging its steepest single-day fall in nearly two years dampened investors' sentiment.
The BSE Sensex tanked 1,869.1 points, or 2.39 per cent, in the past four trading sessions.
Falling for the fourth straight session on Friday, the 30-share BSE benchmark Sensex tumbled 1,048.90 points, or 1.36 per cent, to finally settle at 76,330.01. During the day, it plunged 1,129.19 points, or 1.45 per cent, to 76,249.72.
The market capitalisation of BSE-listed firms eroded by Rs 24,69,243.3 crore to Rs 4,17,05,906.74 crore (USD 4.82 trillion) in four days. With Monday's sharp fall in equities, the market cap of BSE-listed firms dived below the USD 5-trillion mark.
On Monday alone, investors' wealth dropped Rs 12.61 lakh crore.
"Continued foreign institutional investor selling crossed Rs 20,000 crore this month, contributing to the negative sentiments. Indian rupee touched a fresh low against the dollar during the session, pressured by stronger-than-expected US non-farm payrolls data which further dampened the sentiment, resulting in a firm dollar index.
"Meanwhile, oil prices hit their highest level in over three months amid expanded US sanctions disrupting Russian crude supplies, further adding to global uncertainties," Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd, said.
From the 30-share blue-chip pack, Zomato cracked over 6.50 per cent. Power Grid, Adani Ports, Tata Steel, NTPC, Tata Motors, Mahindra & Mahindra, Asian Paints, Tech Mahindra, UltraTech Cement, and Sun Pharma were the other major laggards.
In contrast, Axis Bank, Tata Consultancy Services, Hindustan Unilever, and IndusInd Bank were the gainers.
"US imposing sanctions on Russian oil exports pushed the rupee to a fresh low against the dollar, which in turn triggered massive correction in domestic equity markets as overseas investors continued to desert the local share market. Wide-spread selling across the sectors fuelled along with massive exits in mid and smallcap stocks further worsened the sentiment.
"Rising crude oil prices would raise concerns of a spike in domestic inflation, which could further delay any rate cut hopes from the RBI in the near to medium term," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
Global oil benchmark Brent crude jumped 1.43 per cent to USD 80.90 a barrel.
As many as 3,562 stocks declined, while 555 advanced and 131 remained unchanged on the BSE.
Also, 508 stocks hit their 52-week lows while 120 stocks reached the one-year high level.
The BSE midcap gauge dropped 4.17 per cent, and smallcap index tanked 4.14 per cent.
All BSE sectoral indices ended lower. Realty slumped 6.59 per cent, utilities (4.38 per cent), services (4.35 per cent), power (4.23 per cent), industrials (4.09 per cent), consumer discretionary (4.04 per cent), consumer durables (3.96 per cent), and commodities (3.69 per cent).
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Kerala minor girl rape: 44 arrested, two accused abroad, says police
Pathanamthitta (PTI): The special investigation team (SIT) of Kerala police probing the sensational case of alleged sexual abuse of a Dalit girl in the district has arrested 44 people so far in connection with the matter, a senior police officer of the district said on Tuesday.
DIG S Ajeetha Begum, who is overseeing the investigation, said that 30 FIRs have been registered in connection with the alleged sexual assault of the girl and out of the 59 accused mentioned in the cases, 44 have been arrested.
"Two of the accused are absconding. They are abroad at present. We are considering issuing Look out Circulars for them. We are also planning to issue a Red Corner notice for them through Interpol," the officer told TV channels.
Besides them, 13 more have to be arrested, she said.
"We are searching for their locations. They will be arrested soon. A foolproof and scientific investigation will be carried out by the SIT. We will not spare any of the accused. There will be no compromise. We will bring all of them before the law," the officer said.
The investigation so far has revealed that several of the accused met the girl at a private bus stand in Pathanamthitta. She was then taken to various locations in vehicles and subjected to abuse, police said.
The probe also found that the girl, while she was studying class XII last year, was taken by a youth who was acquainted with her through Instagram to a rubber plantation in Ranni, where he raped her along with three others.
Police said the investigation revealed she was gang-raped on at least five occasions, including incidents inside a car and at the Pathanamthitta General Hospital in January 2024.
The girl, who is now 18 years old, has alleged in her complaint that she was sexually abused by 62 individuals since the age of 13.
The matter came to light during counselling conducted by the Child Welfare Committee, after the victim's teachers at an educational institution informed the panel about noticeable changes in her behaviour.
The Committee, subsequently, notified the police and an investigation is on.
The SIT had been formed to conduct a comprehensive probe into the incident, with Pathanamthitta Deputy SP P S Nandakumar leading the team under the supervision of District Police Chief V G Vinod Kumar.
The team comprises over 30 police officers, including women, from various ranks and stations.
DIG Ajitha Beegam said that once the Sabarimala pilgrimage season gets over, more officers will be included in the SIT.
