Saturday, 17 Sep 2022 | UPDATED: 09:33 AM IST
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Mumbai: Investors’ wealth eroded by more than Rs 2.21 lakh crore in early trade on Wednesday, with the market witnessing a selling-off amid prospects of aggressive rate hikes by the US Federal Reserve to tackle high inflation, and sluggish global trends.
In less than an hour of the start of trading on Wednesday, the key indices — Sensex and Nifty — were deep in the red and witnessed significant volatility, reflecting jittery investor sentiments.
The market capitalisation of BSE-listed companies, which is also an indicator of wealth of investors, tumbled more than Rs 2.21 lakh crore to Rs 2,84,49,727.56 crore amid the 30-share Sensex falling 564.76 points to 60,006.32 points.
On Tuesday, when the markets had gained for the fourth straight session, the market valuation stood at Rs 2,86,71,193.94 crore.
Global markets went into a tizzy on Tuesday soon after the US inflation data for the month of August triggered concerns over the possibility of further rate hikes by the US Federal Reserve.
Both the US and the European markets closed deep in the negative territory, with America’s S&P 500 and Nasdaq Composite indices plummeting more 4.32 percent and 5.16 percent, respectively.
The Dow Jones Industrial Average shed 3.94 percent.
Tracking the global trends, Asian markets, including Japan, China, and Hong Kong, were also trading in the red.
Contrary to expectations, the US Consumer Price Index (CPI) rose 8.3 percent in August. It was estimated to rise 8.1 percent on an annual basis.
The inflation in the US rising despite cooling gas prices came as a surprise and spooked investor sentiments.
The current situation has triggered fears that the Federal Reserve is more likely to go for further aggressive rate hikes to curb rising inflation, which seems to be entrenched and could add to the global economic headwinds.
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Adani names son Karan to run cement firms; injects Rs 20,000 cr in Ambuja Cement
Patanjali Group expects turnover of Rs 1 lakh crore in next 5-7 years; to launch 4 IPOs
NRIs can pay utility bills using Bharat Bill Payment System
Patanjali to invest Rs 1,000 crore in Uttarakhand
Fitch slashes India’s FY23 GDP growth forecast to 7 pc
Moral policing: Inter-faith couple waylaid
PM Modi turns 72; President, ministerial colleagues extend wishes
US media praises Modi for telling Putin this is not the time for war in Ukraine
HC rejects petitions challenging delimitation exercise of civic body
Kerala CM urges people not to resort to violent measures to tackle stray dogs
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