The benchmark equity indices on the BSE and National Stock Exchange (NSE) crashed almost 8 per cent on Monday triggered by a selloff across all the sectors owing to weakness in global market sentiment due to persisting concerns over coronavirus and its impact on the global economy.
The S&P BSE Sensex settled at 31,390.07, down 2,713.41 points (7.96 per cent), while the Nifty 50 cracked 757.80 points (7.61 per cent) to end at 9,197.40. During the final hour of trade, the Sensex cracked as much as 2,827.18 points (8.29 per cent) to 31,276.30, while the broader Nifty had slipped 790.10 points (7.94 per cent) to 9,165.10.
IndusInd Bank, Tata Steel, Housing Development Finance Corporation (HDFC), ICICI Bank, Axis Bank and ITC were the biggest losers of the day on the Sensex slipping in the range of 9.28-17.50 per cent on the BSE.
Here’s how the Sensex stocks performed:
Among the sectoral indices on the NSE, The Nifty Bank index declined 2,087.50 points (8.29 per cent) on Monday weighed by RBL Bank, IndusInd Bank, Axis Bank and ICICI Bank. This apart, the Nifty IT index cracked 1,119.50 points (8.27 per cent) dragged by Hexaware Technologies, NIIT Technologies, Tata Elxsi and Infosys.
Here’s how the sectoral indices were performing:
SBI Cards and Payment Services – the credit card arm of India’s largest public sector bank, State Bank of India (SBI), made a weak debut in the stock exchanges today, listing at Rs 661 per share on the National Stock Exchange (NSE), down 12.45 per cent from its offer price of Rs 755 apiece.
The stock ended at Rs 678.00 apiece on the NSE, down 10.20 per cent from the issue price.
Troubled private lender Yes Bank will be dropped from benchmark index Nifty 50, banking index Nifty bank and other Nifty indices from March 19, NSE Indices said on Monday.
Earlier, the changes were scheduled to happen on March 27, NSE Indices, a subsidiary of the National Stock Exchange (NSE), said in a statement.
The rupee slipped to 74.3375 against the US dollar in the afternoon trade on Monday. The domestic currency had settled at 73.9113 against the greenback on Friday. The domestic unit was last seen at 74.3150 in late afternoon deals, according to data by Bloomberg.
Oil, already reeling from a price war, fell further on concerns about the impact of coronavirus on global demand. Brent crude was last off $2.21, or 6.5 per cent at $31.64 per barrel while US crude slipped $1.64 to $30.94 a barrel.
Globally, the stock markets were routed and the dollar stumbled on Monday after the Federal Reserve slashed US interest rates in an emergency move and its major peers offered cheap US dollars in a bid to prevent global lending markets seizing up. The drastic manoeuvres were aimed at cushioning the economic impact as the breakneck spread of the coronavirus all but shut down more countries, but they had limited success in calming panicky investors.
Europe, which has become the epicentre of the outbreak, saw its main stock markets plunge nearly 8 per cent in brutal opening trade. Earlier, Wall Street futures for the S&P 500 index had hit their down-limit in the first 15 minutes of Asian trading as investors rushed for safety.
The Fed’s emergency 100 basis point rate cut on Sunday was followed on Monday by further policy easing from the Bank of Japan in the form of a pledge to ramp up purchases of exchange-traded funds and other risky assets. New Zealand’s central bank also shocked by cutting rates 75 basis points to 0.25 per cent, while the Reserve Bank of Australia (RBA) pumped more money into its financial system. South Korea cut rates and Russia rushed together a $4 billion anti-crisis fund.
Japanese Prime Minister Shinzo Abe said G7 leaders would hold a teleconference at 1400 GMT to discuss the crisis.
MSCI’s index of Asia-Pacific shares outside Japan tumbled 4 per cent to lows not seen since early 2017, while the Nikkei fell 2 per cent as the BoJ’s easing steps failed to reassure markets.
In Asia, Shanghai blue chips fell 3 per cent overnight even as China’s central bank surprised with a fresh round of liquidity injections into the financial system. Hong Kong’s Hang Seng index tumbled 3.4 per cent. Australia’s S&P/ASX 200 plunged, finishing down 9.7 per cent — its steepest fall since the 1987 crash.
– With global market and oil prices inputs from Reuters
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