Bloodbath on D-Street: Investors' wealth tumble over Rs 3.39 lakh crore in early trade

New Delhi: Investors' wealth plunged over Rs 3.39 lakh crore in early trade on Friday amid an extremely weak broader market trend. The BSE benchmark tanked 1,011.93 points to 57,914.10 after a weak opening. The market capitalisation of BSE-listed companies declined by Rs 3,39,519.47 crore to Rs 2,64,41,844.80 crore in early trade.

"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 K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

IT stocks were the biggest drag among the BSE 30-share benchmark frontline companies pack. Infosys was the biggest loser, falling nearly 3 per cent, followed by Tech Mahindra and Wipro.

In the broader market, the BSE midcap and smallcap indices were trading over 1 per cent lower. Also Read: Axis Bank introduces digital fixed deposit: No penalty on premature withdrawals, attractive rates

In the previous trading session, the 30-share BSE benchmark settled 460.06 points or 0.79 per cent higher at 58,926.03. Also Read: Got special Mata Vaishno Devi coin? You can earn lakhs of rupees by selling it online, check how

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