Equity investors become poorer by over Rs 11.22 lakh crore in three days

New Delhi, May 10 (PTI) Equity investors have became poorer by over Rs 11.22 lakh crore in three days following a sell-off in markets amid weak global cues.

Sliding for the third straight session, the 30-share BSE Sensex closed 105.82 points or 0.19 per cent lower at 54,364.85 on Tuesday.

In three days, the benchmark has tumbled 1,337.38 points or 2.40 per cent.

Weak trend in equities have eroded Rs 11,22,389.2 crore from the market capitalisation of BSE-listed firms in three sessions. The market capitalisation of BSE-listed firms now stands at Rs 2,48,42,500.17 crore.

"Markets are witnessing volatile swings as various factors like rising interest rates, concerns over slower economic growth and further tightening measure in China continued to weigh on investors," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

In Tuesday's trade, Tata Steel was the biggest drag on the Sensex pack, falling 6.95 per cent, followed by Sun Pharma, NTPC, Titan, Bajaj Finance, Reliance Industries, Tech Mahindra and ITC.

In contrast, HUL, Asian Paints, IndusInd Bank, UltraTech Cement, Maruti, Kotak Mahindra Bank and HDFC twins jumped up to 3.24 per cent.

In the broader market, the BSE smallcap gauge tumbled 2.11 per cent and midcap index dropped 1.98 per cent.

Among BSE sectoral indices, metal plunged 5.62 per cent, followed by utilities (4.57 per cent), power (4.33 per cent), realty (2.96 per cent), basic materials (2.67 per cent) and energy (2.51 per cent). Bank, finance and FMCG ended modestly higher.

Foreign institutional investors remained in selling mode, offloading shares worth a net Rs 3,361.80 crore on Monday, according to stock exchange data.