Investors’ wealth tumble over Rs 3.39 lakh crore in early commerce

Investors’ wealth plunged over Rs 3.39 lakh crore in early commerce on Friday amid an especially weak broader market pattern.
The BSE benchmark tanked 1,011.93 factors to 57,914.10 after a weak opening.
The market capitalisation of BSE-listed firms declined by Rs 3,39,519.47 crore to Rs 2,64,41,844.80 crore in early commerce.
“US inflation in January came worse-than-expected at 7.5 per cent pushing the 10-year yield to 2.03 per cent discounting a hawkish Fed, which may raise rates by at least by 100 basis points this year. A rate hike by even 50 bps in March is looking increasingly probable now. This is not good news for global equity markets,” V Ok Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated.
IT shares have been the largest drag among the many BSE 30-share benchmark frontline firms pack. Infosys was the largest loser, falling practically 3 per cent, adopted by Tech Mahindra and Wipro.
In the broader market, the BSE midcap and smallcap indices have been buying and selling over 1 per cent decrease.
In the earlier buying and selling session, the 30-share BSE benchmark settled 460.06 factors or 0.79 per cent larger at 58,926.03.