Five-day earnings summaries of domestic stock indices deprived investors of more than 2.6 lakh million in wealth on Tuesday.
In a volatile trading session, the 30-share BSE Sensex rose above 700 points, while the broader NSE Nifty moved below 200 points, shifting its focus to the next meeting of the US Federal Reserve.
The US central bank is expected to raise rates for the first time since the COVID-19 pandemic at its meeting on Wednesday.
Traders were also cautious as retail inflation rose to 6.07 per cent in February, at the top of the Reserve Bank’s 2-6 per cent target range for the second month in a row.
Sales at the Indian stock market impoverished investors by 2.61 lakh million on Tuesday. In line with the weak trend in equities, the market capitalization of BSE-listed companies fell to 2.61,145.72 million on Tuesday to 188.8.131.520.06 billion.
“Domestic indices eroded gains amid weak global markets. In addition, a 6.07 percent rise in retail inflation in February affected sentiment,” said PTI Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services.
“The global market saw weakness in the fourth round of sanctions against Russia, concerns about new coronavirus cases in China and rising US Fed interest rates, which weighed heavily on investor sentiment,” he added.
Although the fall in stock prices plunged nearly 6 percent to oil prices, hitting above $ 100, it has fallen for the second consecutive session.