Equity investors poorer by Rs 7.15 lakh crore in morning trade as markets crash

New Delhi: Investors lost an astonishing Rs 7.15 lakh crore in wealth during morning trading on Friday due to a sharp decline in equity markets caused by a significant drop in IndusInd Bank shares and continuous foreign fund outflows. The BSE Sensex dropped by 708.69 points to 79,356.47 while the NSE Nifty fell by 286.35 points to 24,113.05. During morning trading, the market value of BSE-listed companies dropped by Rs 7,15,739.19 crore to Rs 4,36,63,565.73 crore (USD 5.19 trillion) due to the poor performance in stocks. 

IndusInd Bank Shares Plunge 19 pc Amid Profit Concerns; ITC and Others Post Gains

IndusInd Bank, part of the 30 Sensex pack, saw a sharp drop of more than 19 percent in its stock price following a 40 percent decrease in net profit to Rs 1,331 crore during the September quarter, primarily due to concerns regarding the quality of its assets. Mahindra & Mahindra, NTPC, Larsen & Toubro, Adani Ports, Titan, Tata Steel, and JSW Steel were also included in the list of underperformers. ITC, a leading company, saw a significant increase of over 3 pc in its stock value following a reported 1.8 pc rise in consolidated net profit to Rs 5,054.43 crore in the second quarter ending in September 2024. 

During the July-September period, ITC's revenue increased by 15.62 percent to reach Rs 22,281.89 crore. Asian Paints, Sun Pharma, Nestle, and Hindustan Unilever also saw significant increases in their stocks. According to exchange data, Foreign Institutional Investors (FIIs) sold equities worth Rs 5,062.45 crore, while Domestic Institutional Investors (DIIs) purchased shares worth Rs 3,620.47 crore on Thursday.

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In Asian markets, Seoul, Shanghai, and Hong Kong saw gains while Tokyo experienced a decrease in trading. Thursday saw mostly positive closing numbers in the US markets. Brent crude, the global oil benchmark, rose by 0.31 pc to reach USD 74.61 per barrel. The BSE benchmark fell 16.82 points or 0.02 pc to close at 80,065.16 in a lackluster market. Nifty dropped 0.15 pc to 24,399.40, losing 36.10 points.