In an extended sell-off on Monday, the average market capitalisation of BSE-listed companies eroded by Rs 11.45 lakh crore, down 4.3 per cent in the last two trading sessions to Rs 2,52,57,581.05 from Rs 2,64,02,848.48 registered on December 16, 2021. 

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The investors became poorer by almost Rs 7 lakh crore on Monday, as the BSE Sensex declined over 1,182 points or 2 per cent to 55,822 at the market close. In comparison, the market cap of BSE-listed companies on December 17, 2021 (Friday) was reported Rs 2,59,37,277.66 as per BSE. 

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In the 30-stock Sensex, Tata Steel slumped most by over 5 per cent, followed by IndusInd Bank down over 4 per cent. Similarly, SBI and Bajaj Finance each slipped almost 4 per cent and HDFC Bank tumbled over 3 per cent at the market close. 

On the contrary, Hindustan Unilever and Dr Reddy’s were the only two gainers each up around 2 and 1 per cent at the market close on the BSE. 

The domestic markets reacted to the news of a sharp jump in the new variant of covid Omicron cases globally which may result in a lockdown, Ajit Mishra, VP - Research, Religare Broking said. “Moreover, the continuous outflow of the foreign fund was also weighing on the sentiment.” 

With having major support at the 16300-level, investors can start accumulating quality stocks selectively from a long-term investment perspective. The market analyst states.