BSE Sensex Nifty Coronavirus Impact News Sensex Sharp Losses In Sensex Nifty Amid Global Selloff

Domestic stock markets suffered sharp losses in early trade on Monday with benchmark indices slumping nearly 3 per cent, tracking a selloff in global markets as investors panicked about the severity of the coronavirus pandemic amid fears of recession. The S&P BSE Sensex index plummeted as much as 1,372.52 points to hit 36,154.11 on the downside in the first few minutes of trade, and the broader NSE Nifty benchmark slumped to as low as 10,598.00, down 391.45 points from the previous close. A selloff across sectors – led by financial, metal, energy and IT stocks – weighed on the markets.

Here are 10 things to know about the selloff across global markets:

  1. At 9:21 am, the Sensex traded 1,139.71 points – or 3.03 per cent – lower at 36,436.91 while the Nifty was down 325.85 points – or 2.97 per cent – at 10,663.60.

  2. Forty four stocks in the Nifty basket of 50 shares struggled against losses at the time. Worst hit stocks in percentage terms were ONGC, Vedanta, IndusInd Bank, Reliance Industries and Power Grid, down between 5.48 per cent and 9.04 per cent. On the other hand, Yes Bank and BPCL managed gains, up 17.34 per cent and 3.03 per cent at the time respectively.

  3. Reliance Industries, HDFC Bank and TCS were the top drags on Sensex, together accounting for a loss of 450 points in the index.

  4. Equity markets across Asia sank in a sea of red with MSCI’s broadest index of Asia-Pacific shares outside Japan plummeting 3.0 per cent to a five-month low, Japan’s Nikkei falling 4.7 per cent and Australia’s commodity-heavy market down 5 per cent.

  5. US and European market futures pointed to sharp losses. Wall Street E-Mini futures were down 4.6 per cent, while Europe’s EUROSTOXXX 50 and FTSE futures tumbled 4.4 per cent and 4.8 per cent respectively. Crude oil prices nosedived 31.5 per cent to $31.02 a barrel in their biggest percentage slump since the start of the first Gulf War.

  6. Risk sentiment around the globe soured due to the unabated spread of the coronavirus outbreak and a plunge in oil prices. The number of people infected with the coronavirus has topped 107,000 across the world as the outbreak reaches more countries and causes more economic pain. In India, the number rose to 39, a day after five of a family in Kerala tested positive.

  7. Analysts who have been tracking coronavirus news over past few weeks have say the pandemic is a huge negative in the near term, and further correction in the markets cannot be ruled out for the time being.

  8. Crude oil fell by the most since 1991 after Saudi Arabia started a price war with Russia by slashing its selling prices and pledging to unleash its pent-up supply onto a market reeling from falling demand because of the coronavirus outbreak.

  9. Investors around the globe are looking at more central banks and authorities to announce measures to shield world economy from the virus. The European Central Bank meets on Thursday and will be under intense pressure to act, but rates there are already deeply negative.

  10. Domestic stock markets had plunged in 13 out of past 16 sessions, and benchmark indices S&P BSE Sensex and NSE Nifty down 8.91 per cent and 9.69 per cent respectively so far this year as of Friday’s close. On Friday alone, the Sensex shed 893.99 points (2.32 per cent) to end at 37,576.62 and the Nifty finished at 10,989.45, down 279.55 points (2.48 per cent) from the previous close. 

Source link

Check Also

Gold Rises 1% as Coronavirus Risks Boost Fed Rate Cut Hopes

Gold Rate Falls 1 Per Cent As Coronavirus Spread Rate Slows Down

Gold price retreated from a one-month high hit earlier in the session Gold prices fell …