Markets Crumble : Investors Lose Rs 3.79 Lakh Crore In Two Days, 2nd Biggest Sensex Slide This Year

The BSE Sensex crashed 560 points while the broader NSE Nifty closed much below the key 11,500-mark after the government thwarted hopes of tax relief for FPIs.

PTI reported that Lacklustre earnings, slowing consumption and already pricey valuations further kept a lid on buying sentiment, traders said.

Led by a sell-off in auto and banking stocks, the 30-share Sensex cracked 560.45 points or 1.44 per cent to settle at 38,337.01. Similarly, the broader NSE Nifty sank 177.65 points or 1.53 per cent to 11,419.25.

This was the second-biggest fall for the Sensex in 2019. The index had plunged 792.82 points on July 8 following the Budget.

Investors have suffered a wealth erosion of about Rs 3.79 lakh crore in the previous two sessions, with the market capitalisation of BSE-listed companies standing at Rs 1,45,34,758.53 crore.

During the week, the Sensex declined by 399.22 points or 1.03 per cent, while the Nifty shed 133.25 points or 1.15 per cent.

M&M, Bajaj Finance, Tata Motors, Hero MotoCorp, IndusInd Bank, Yes Bank, Bajaj Auto, Kotak Bank, SBI and ICICI Bank were among the top losers Friday, dropping up to 4.36 per cent.

Index heavyweight RIL closed 1.01 per cent lower ahead of its quarterly results.

NTPC, PowerGrid, TCS and ONGC were the only gainers in the Sensex pack, spurting up to 2.32 per cent.