Monday mayhem for markets as Sensex crashes over 2,400 points, biggest fall in a decade
New Delhi | Jagran Business Desk: The benchmark equity indices Sensex and Nifty on Monday crashed by over 2400 points and 600 points amid coronavirus outbreak that has jittered the global stock markets followed by sinking crude prices. At 1.49 pm, the 30-share index shed 2,419 points or over six per cent at 35,158, while NSE Nifty shed 621 points to 10,368.
Major losers in the Sensex pack were ONGC shedding over 14 per cent, followed by Reliance Industries (10.7 per cent), IndusInd (8.78 per cent), Tata Steel (8.03 per cent), ICICI Bank (7.6 per cent) and TCS (6.67 per cent).
Earlier in the day, Sensex had plunged 1515 points or 4.03 per cent at 36,061.61. Similarly, the Nifty had slipped 417.05 points, or 3.80 per cent, to 10,572.40.
Major laggards in the Sensex pack were ONGC, Powergrid, Tata Steel, IndusInd Bank and RIL that dropped between 5 to 10 per cent. Meanwhile, all indices in the Nifty pack were trading in the red.
Brent crude futures plunged nearly 30 per cent to USD 32.11 per barrel after top exporter Saudi Arabia launched a price war in response to a failure by leading producers to strike a deal to support energy markets, reported PTI.
Amid developments at Yes Bank, the State Bank of India has been allowed to pick up 49 per cent stake in crisis-hit private lender. A reply on the same is expected later today. SBI could invest between Rs 2,450 crore to Rs 10,000 crore in Yes Bank.
Coronavirus, which is one of the reasons the stocks are trading in red, led the death of another 22 in mainland China as the death toll surge to 3,119 as of the end of Sunday. In India, the confirmed cases of COVID-19 that is reported so far is 40.
"Investor sentiment took fresh beating as oil prices plunged nearly 30 per cent, adding to the heightened volatility in global markets amid concerns over the rapidly-spreading coronavirus," traders told PTI.
"Incessant foreign fund outflow also spooked market participants," they added.
On a net basis, domestic institutional investors bought shares worth Rs 2,543.78 crore, while foreign institutional investors sold equities worth Rs 3,594.84 crore on Friday, data available with stock exchanges showed.
On Friday, the Sensex had closed 894 points below at 37,576.62. Nifty had also tanked 279.55 points at 10,989.45.
(with PTI inputs)
Posted By: James Kuanal