Shutdown Fear: Sensex Tanks By 1406 Points, Worst Day For Market In 7 Months

Shutdown Fear: Sensex Tanks By 1406 Points, Worst Day For Market In 7 Months

The Sensex tanked by 1,406.73 points or 3.00 per cent, to close at 45,553.96, whereas the Nifty settled at 13,328.40, down 432.15 points, or 3.14 per cent.

Over fears of a new coronavirus strain that shut much of the United Kingdom, domestic stock markets suffered their worst single-day loss in more than seven months on Monday tracking a selloff across global equities. The Sensex index 2,037.61 points, or 4.34 per cent, to 44,923.08, whereas the broader Nifty benchmark tanked to as low as 13,131.45, falling 629.1 points, or 4.57 per cent.

The Sensex tanked by 1,406.73 points or 3.00 per cent, to close at 45,553.96, whereas the Nifty settled at 13,328.40, down 432.15 points, or 3.14 per cent. This is the worst single-day loss for both indices since May 4.

Tata Motors, ONGC, GAIL, IndusInd Bank, Hindalco, Indian Oil and Bharat Petroleum were among the worst-hit closing between 7.21 per cent and 9.53 per cent lower.

Reliance Industries, ICICI Bank, HDFC Bank and HDFC were the major drag on Sensex. In the 30-scrip index, the four accounted for more than 500 points.

Earlier on Monday, the Indian government banned flights to and from the UK till December 31amid growing panic globally over a new fast-spreading strain of the coronavirus.

“Considering the prevailing situation in UK, the government of India has decided that all flights originating from UK to India to be suspended till 31st December,” the centre said.

“Consequently flights from India to UK shall stand temporarily suspended during above said period,” it added.

Several European countries, Canada and Saudi Arabia have suspended flights from the UK over the new strain, believed to be 70 per cent more infectious.

The government was fully alert about the new strain and stressed “there’s no need to panic”, health minister Harsh Vardhan said.


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