Investors' assets fall by Rs. 1.65 billion, as equities are selling off strongly
New Delhi, September 19 () Investor assets declined 1.65 billion rupees on Thursday as equities underperformed and the BSE benchmark lost 470 points.
The 30-share index fell 470.41 points or 1.29 percent to 36,093.47.
Given the weak trend in the broader market, the market capitalization of BSE listed companies dropped 1.65.437.91 billion rupees to 126.96.36.199941 billion rupees.
Continued sales of FIIs and uncertainty over the Fed's rate hike have dampened investor sentiment. The slowdown in the collection of direct taxes and the rise in oil prices will limit the government's scope for stimulus measures, which will continue to pose a downside risk to the market, said Vinod Nair, Head of Research, Geojit Financial Services Ltd.
Hawkish commentary from the US Federal Reserve and ceaseless outflows of foreign funds further weighed on sentiment, dealers said.
Lower tax collection numbers startled markets today as FII continued to sell key pivot assets and push indices lower. The involvement of many private banks in commercial real estate further boosted sales towards afternoon trade across these counters, said S Ranganathan, Head of Research at LKP Securities.
Of the 30 shares, 26 companies ended the day with losses, led by Yes Bank, which fell 15.52 percent.
BSE lost 1,828 scrips, while 686 Advanced and 114 remained unchanged.
Up to 116 stocks fell to their one-year low on Thursday. In the broader market, the BSE midcap and smallcap indices fell 1.48 percent. SUM RVK