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New Delhi: Investors’ wealth on Friday plunged by Rs 2.52 lakh crore as the benchmark Sensex tanked 793.25 points due to heavy selling after a recent record-breaking rally. The market capitalisation of BSE-listed companies declined by Rs 2,52,301.16 crore to Rs 3,99,67,051.91 crore ($4.79 trillion).
“The market had been building up hope of three rate cuts by the US Fed this fiscal year, but the recent higher inflation reading has mellowed the expectations, which would mean that the wait for rate cut would be longer than expected. Hence, the sell-off in the Indian markets was a knee-jerk reaction to the rising inflation and fading hopes of a rate cut in the near future,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
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