Benchmark BSE Sensex opened 2,624.69 points or 8.77% down at 27291.27, while Nifty opened below 8,000 points Amid Coronvirus Fears.
Mumbai: Equity benchmark Sensex plummeted over 2,700 points in the opening session on Monday as global stocks resumed their free fall amid coronavirus-led lockdowns across the world stoking fears of a massive recession.
The rupee too plunged 92 paise against US dollar to 76.12.
Indian equity markets resumed sell-off on Monday, in line with their Asian peers, as the governments the world over struggle to contain the fast-spreading novel coronavirus (COVID-19). In India, various state governments announced lockdown in nearly 80 districts across the country as the total number of confirmed Covid-19 cases inched towards 400.
Stock exchanges BSE and NSE today halted trading for 45 minutes within less than an hour of market opening. Trading had to be halted in Indian markets today after Sensex crashed 10% in early trade.
Trading had to to be halted on NSE too. with Nifty down 10.07% to 8,624 while BSE also halted trading with Sensex down 9.4% at 29,687. This is the second time in two week trading in Indian markets had to be halted. On March 13, trading in the stock market had to be temporarily halted after a sharp fall, the first after around 12 years. The market-wide circuit breaker system of BSE and NSE applies at three stages of the index movement, either way at 10%, 15% and 20%. These circuit breakers bring about a coordinated trading halt in all equity and equity derivative markets nationwide.
The market-wide circuit breakers are triggered by the movement of either the BSE Sensex or the Nifty 50, whichever is breached earlier.
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All Sensex components were trading in the red, with Bajaj Finance tanking up to 14 per cent, followed by Axis Bank, UltraTech Cement, ICICI Bank, Maruti and M&M.
In the previous session on Friday, equity markets witnessed a relief rally after four days of fall. The BSE benchmark ended 1,627.73 points or 5.75 per cent higher at 29,915.96. The Nifty zoomed 482 points, or 5.83 per cent, to close at 8,745.45.
During the last trading week till Friday, the Sensex plummeted 4,187.52 points or 12.27 per cent, while the Nifty sank 1,209.75 points or 12.15 per cent.
According to traders, extreme lockdown measures taken by the government in India and the world over have put immense pressure in investor sentiment.
As the virus cases climbed, the central and state governments in the country decided to lock down 75 districts from where Covid-19 cases have been reported to break the chain of transmission, and the Health Ministry said states would earmark hospitals to exclusively treat coronavirus patients.
Putting in place a tighter framework to curb high market volatility, Securities and Exchange Board of India (Sebi) on Friday announced revising market-wide position limit for stocks in the derivatives segment, flexing dynamic price bands and other measures for one month starting from March 23.
(Input from Agencies)
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