Stock Market

Coronavirus hits Market! Sensex plunges 1,800 points, Nifty below 9,500

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A continued rise in new coronavirus cases in India put the bears in command on Dalal Street as benchmark indices tumbled in opening trade on Monday while safe haven counters gained.

As per the government of India, the total number of confirmed Covid-19 cases in the country were at 110 with two deaths till now.

Indian Council of Medical Research has warned that community transmission of the disease is inevitable and that the numbers could rise manifold.

BSE flagship Sensex tanked 1,836 points to 32,266 while NSE benchmark Nifty shed 494 points to 9,460.

Broader market indices were faring in-line with their headline peers as Nifty Smallcap fell 5.78 per cent while Nifty Midcap plunged 5.16 per cent.

Nifty 500 was down 4.99 per cent. India VIX, the measure of volatility in the market, jumped 10.26 per cent to 56.75.

Monday’s crash wiped out over Rs 6 lakh crore of equity investors' wealth within first 15 minutes of trading.

Meanwhile, the US Federal Reserve cut its benchmark rates to near zero.

However, that failed to cheer the investors.

In the upcoming monetary policy, Reserve Bank of India is also likely to cut its rates to shore up the demand, as per market analysts.

All sectors on NSE were trading deep in the red.

Nifty Media was the biggest loser, down 8.04 per cent at 1,179.

Nifty Metal and Nifty Financial Services and Nifty Realty were among other major losers plunging more than 6 per cent each.

All constituents of 30-share pack Sensex were trading with cuts.

Private bank trio of IndusInd Bank, ICICI Bank and Axis Bank were among the biggest losers plunging 8-11 per cent. In the 50-share Nifty, barring YES Bank, all stocks were in the red.

Shares of the private lender jumped 26.42 per cent to rS 32.30 after the government approved plans to revive the bank.

Globally, Stocks were slammed after emergency rate cuts in the United States and New Zealand, and a raft of steps by policymakers worldwide failed to stem the rout in markets spooked by the broadening fallout of the coronavirus. US stock futures plunged 4.8 per cent to hit their downlimit before daybreak in Singapore.

The dollar sank more than 2 per cent against the yen. Australia's benchmark stock index fell 7 per cent in the first quarter-hour of trade before paring some of the losses.

U.S.

crude fell 5 per cent to under $30 per barrel. New Zealand shares were down 3 per cent.

Japan's Nikkei was up 0.1 per cent after a more than 6 per cent decline on Friday to the lowest since late 2016.

South Korea's KOSPI was a shade weaker.




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