Amid Coronavirus Outbreak, Sensex Points Down At 1900 Points, Biggest Fall Since 2010
Analysts say that the pandemic is a huge negative in the near term, and further market downturn can't be ruled out for now.
Sensex Plunges All Time Low Since 2010
On Monday, domestic stock markets crashed with benchmark indices dropping more than 6 percent in their largest single-day drop in at least 10 years, in the midst of a seal-off in global markets. Investors around the globe have been worried over the magnitude of the coronavirus pandemic, say, experts, giving in to recession fears.
During the day, the S&P BSE Sensex index plunged to 2,366.26 points to touch 35,210.36 on the downside, and the wider NSE Nifty benchmark collapsed to 10,327.05, down 662.4 points from the previous close.
Sector-wide selloff – driven by financial, metal and energy stocks – weighed on the markets, with heavyweight Reliance Industries nosediving 11% in its worst one-day decline in at least 10 years.
At 2:37 pm, the Sensex traded 1.908 points-or 5%-lower at 35.668, while the Nifty was down at 10.447 with 543 points-or 4.94%. All 11 sectoral indices traded significantly lower, with the Nifty Bank -comprising stocks of the country's 12 major lenders -down 6.24 percent at the time.
Reliance Industries, HDFC Bank, ICICI Bank, and HDFC were amongst top drags on Sensex, which together posted a decline of over 1,100 points on the index. Reliance Industries alone accounted for a fall in the Sensex of nearly 500 points.
Analysts who have been monitoring news from coronavirus over the past couple of weeks say the pandemic is a huge negative in the near future and further market downturn cannot be ruled out for now.
Download The Lehren App For Latest & More News, Gossips, Videos And Podcasts.