Sensex and Nifty are trading over 6 % lower on Monday as investor sentiment remained subdued amid coronavirus scare, YES Bank crisis and the Oil crash.
New Delhi| The S&P BSE Sensex was down over 1,909 points, or 5.08 per cent, at 35,670 levels. ONGC (down 15%), Reliance Industries (down 13%), IndusInd Bank (down over 8.5%), and Tata Steel (down over 7%) were the top laggards in the Sensex pack.
It was the biggest intraday fall for Sensex in absolute terms as all stocks in the 30-pack benchmark index traded in red due to a mix of above factors. Nifty, too, slipped below the 10,500-mark for the first time since December 2018.
Shares of companies including IOC, HPCL, ONGC, Reliance Industries, Induslnd Bank and Tata Steel were some of the biggest losers as panic spread during Monday’s session. It is worth mentioning that all Nifty sectoral indices were also trading in negative territory.
It is also worth noting that in the last two trading sessions, investors have collectively lost a market cap of Rs 10 lakh crore in what could be the biggest stock market tumble in India’s history.
While the effects of coronavirus outbreak outside China is the key reason behind the constant trimming in the stock market, anxiety of the fate of Yes Bank and the sudden shock faced by major oil companies in the country have made investors even more nervous.
Equity benchmark Sensex plummeted over 2,300 points in mid-session on Monday led by a deepening rout in global markets amid volatility due to rapidly-spreading coronavirus and free-falling oil prices.
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Global oil benchmark Brent crude futures plunged nearly 30 per cent to $32.11 per barrel after top exporter Saudi Arabia launched a price war in response to a failure by leading producers to strike a deal to support energy markets.
Continuing its downward spiral, the 30-share index was plunged 1515.01 points, or 4.03 per cent, to 36,061.61. The NSE Nifty too cracked 417.05 points, or 3.80 per cent, to 10,572.40.
In the previous session, the 30-share BSE barometer settled 893.99 points or 2.32 per cent lower at 37,576.62. Likewise, the Nifty tanked 279.55 points or 2.48 per cent to close at 10,989.45.
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