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₹8 trillion investor wealth wiped out as covid fears resurface

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₹8.33 trillion of investor wealth, driven by concerns about more aggressive rate hikes by the US Federal Reserve Indian benchmark indices saw their biggest drop in three months, wiping out ₹8.33 trillion of investor wealth, driven by concerns about more aggressive rate hikes by the US Federal Reserve and the resurgence of covid cases in China and other parts of the world.

The National Stock Exchange’s Nifty index fell 1.77% to close at 17,806.8, while the Sensex plunged 1.6% to 59,845.29. This is the sharpest daily drop in the Nifty since 16 September and 23 September for the Sensex.

Shares of 47 of the 50 members of the Nifty index fell, with Adani Ports plunging 7% to ₹794 and group flagship Adani Enterprises plummeting 5.85% to ₹3,642.

Tata Motors, Tata Steel and Hindalco were the other major losers, declining 4-5.7%. US GDP growth for the September quarter was unexpectedly revised upward to an annualized 3.2% from a previously reported 2.9%, fanning fears of more aggressive rate hikes by the Fed.

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