New Delhi: While Dow Jones Industrial Average (DJIA) hit a record high on Tuesday to 23,567.5, Indian investors' wealth slumped by Rs 1.78 lakh crore amid sell-off in the broader market where the BSE benchmark Sensex tumbled 360 points. At the close of trade, the total market capitalisation of BSE listed companies eroded by Rs 1,78,689.83 crore to Rs 1,44,44,612 crore. The 30-share BSE index tanked 360.43 points to close at 33,370.76. "Political disturbance in Saudi is triggering high volatility in the crude prices, which is negative for India leading to depreciation in INR.
"Additionally, continuous negative observations by USFDA on high quality Indian pharma companies are leading to a downgrade for the sector," said Vinod Nair, Head of Research, Geojit Financial Services Ltd.
From the 30-share basket, 25 stocks ended the day with losses led by Lupin, Cipla and SBI.
Across the continent, the Dow Jones (DJIA) hit a record high at the open on Tuesday while the S&P and the Nasdaq were hovering near record levels, as earnings season winds down and investor expectations shift to a much-awaited cut in corporate taxes.
The Dow Jones Industrial Average rose 19.08 points, or 0.08 per cent, to 23,567.5. The S&P 500 gained 1.33 points, or 0.05 percent, to 2,592.46. The Nasdaq Composite dropped 0.72 points, or 0.01 per cent, to 6,785.72.
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