Investors face Rs 10,000 cr loss in 3 days as Sensex, Nifty plunge

The Sensex on Tuesday fell by 561 points, coming down to 34,195.94 points whereas; Nifty fell 168 points, coming down to 10498.25 points.

New Delhi: Three days after Union budget, a constant fall in share market has led to a loss of Rs 10,000 cores for the investors in 72 hours. All eyes are now on markets on Wednesday, as American markets closed with a rise on Tuesday, which is set to have a direct impact on Indian markets. The Sensex on Tuesday fell by 561 points, coming down to 34,195.94 points whereas; Nifty fell 168 points, coming down to 10498.25 points. The Sensex has now lost 1,769.08 points since the Budget on February 1, which imposed a long-term capital gains tax on equities and projected a wider fiscal deficit than earlier targeted. The crash in the mother market - the Dow plunging by 2200 points in two days - has unnerved equity markets globally. The trigger for the selloff in the US is the fear that the Fed might be behind the curve. "Indian market is in tune with global markets in this downturn. In India also valuations are high, particularly in mid and small caps," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. According to provisional data, foreign portfolio investors (FPIs), who had been making persistent purchases, net sold shares worth Rs 1,263.57 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 1,163.64 crore yesterday. In the Sensex pack, Tata Motors emerged as the worst performer by crashing 5.45 per cent, followed by TCS at 3.58 per cent. Other losers were RIL, Dr Reddy's, Sun Pharma, ICICI Bank, Infosys, Maruti Suzuki, L&T, M&M, Hero MotoCorp, HDFC Bank, Adani Ports, NTPC, Wipro, Power Grid, Bajaj Auto and Kotak Mahindra Bank, declining up to 2.70 per cent. Sector-wise, the BSE IT index fell the most at 2.80 per cent. Consumer durables, teck, realty, healthcare, FMCG, PSU, auto, metal, power, oil & gas, bankex and infrastructure stocks also kept low.