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Dalal St bleeds
1-day loss: Rs 1.5 trillion

Mumbai, April 2
For investors there is no worse way to start new fiscal than to see over Rs1.5 trillion go down the drain in trading that lasted less than six hours.

The cumulative market value of all the companies listed is estimated to have dropped by a whopping Rs1,50,000 crore today when the Bombay Stock Exchange’s (BSE) 30-share benchmark sensex lost 617 points to end at 12,455.37.

More than half of the total loss was shouldered by investors in country’s 30 biggest blue chip companies, which saw an erosion of over Rs 80,000 crore in market value.

The state run oil exploration major ONGC was the biggest loser in value term with a plunge of over Rs 9,500 crore in its market cap, followed by over Rs 5,000 crore loss for companies like Bharti Airtel and Reliance Industries. IT major Wipro’s market cap reduced by over Rs 4,000 crore while banking scrips like ICICI Bank, which suffered the brunt of melting markets, lost close to Rs 4,000 crore and HDFC dropped by over Rs 1,000 crore.

Car market leader Maruti Udyog plunged over eight per cent taking its market cap down by about Rs 1,500 crore.

Market experts estimate that fair value for the 30-share BSE sensex was around 11,500 but do not deny that index could fall lower than this as fundamental picture appears to be less rosy than before.

Morgan Stanley, in a research note to its clients, has said: “As the market tries to forge ahead, we think it is more likely to encounter snakes that gulp it down to lower levels than arrows or ladders that propel it to higher levels.” — PTI

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Sensex down 616
Tribune News Service

Mumbai, April 2
The impact of the RBI’s interest hike rates on Friday evening hit the markets hard today, taking the Sensex down 616 points.

The nearly 5 per cent fall in just a single day's trading wiped out more than 2,50,000 crore worth of investor value. The Sensex closed at 12,455 levels while in the broader markets Nifty closed 188 points lower at 3,633 levels.

All 30 stocks that make up the index were in the red with auto majors Tata Motors and Maruti Udyog 8 per cent each. Wipro, Hero Honda, SBI, Larsen & Toubro, HDFC and ICICI Bank were among the other losers.

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