Bloodbath on D-Street: Sensex crashes over 2,300 points, biggest single-day fall ever

[Kool_SRG]

Some of the reasons behind Monday's fall were global volatility due to the rapid spread of coronavirus, the massive plunge in global crude oil prices and the developments in the Yes Bank matter. 

Investors on D-Street have lost more than Rs 6 lakh crore in market capitalisation as both benchmark market equities plunged over six per cent.

Some of the reasons behind Monday's fall were global volatility due to the rapid spread of coronavirus, the massive plunge in global crude oil prices and the developments in the Yes Bank matter.

Extending morning losses, BSE Sensex plunged 2,326.35 or 6.19% at 35,250.27 while NSE Nifty crashed 646.95 or 5.89% at 10,342.50 at around 1:22 pm in the afternoon.

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.

Earlier in the morning trading session, BSE Sensex was down 1,409.05 points or 3.75 per cent at 36,167.57 points while NSE Nifty was trading 402.30 points or 3.66 per cent lower at 10,587.15.

Just moments after 11:00 am, Sensex fell 1,646.17 or 4.38 per cent at 35,930.45 points while Nifty was down by 459.75 or 4.18 per cent at 10,529.70.

[Kool_SRG]

Here are 10 things to know about the selloff across global markets:

1. At 2:37 pm, the Sensex traded 1,908 points - or 5 per cent - lower at 35,668 while the Nifty was down 543 points - or 4.94 per cent - at 10,447. All the 11 sectoral indices traded sharply lower, with the Nifty Bank - comprising stocks of 12 major lenders in the country - down 6.24 per cent at the time.

2. ONGC, Reliance Industries, Vedanta, Zee Entertainment, IndusInd Bank and TCS - down between 7.95 per cent and 14.07 per cent - were the biggest percentage losers in the Nifty basket of 50 shares at the time, as 46 of its components bore losses. On the other hand, Yes Bank and Bharat Petroleum managed gains of 29.72 per cent and 7.33 per cent respectively. 

3. Reliance Industries, HDFC Bank, ICICI Bank and HDFC were top drags on Sensex, together accounting for a loss of more than 1,100 points on the index. Reliance Industries alone accounted for nearly 500 points fall in the Sensex.

4. Analysts who have been tracking coronavirus news over past few weeks say the pandemic is a huge negative in the near term, and further market correction cannot be ruled out for the time being.

5. Equity markets across Asia sank in a sea of red with MSCI's broadest index of Asia-Pacific shares outside Japan plummeting 3.0 per cent to a five-month low, Japan's Nikkei falling 4.7 per cent and Australia's commodity-heavy market down 5 per cent.

6. European indices, including the CAC, DAX and FTSE, opened with cuts ranging from 4-8 per cent each. The US market futures also point to sharp losses, with the Wall Street E-Mini futures plunging 4.6 per cent. Crude oil prices nosedived 31.5 per cent to $31.02 a barrel in their biggest percentage slump since the start of the first Gulf War.

7. Risk sentiment around the globe soured due to the unabated spread of coronavirus outbreak and a plunge in oil prices. The number of people infected with the coronavirus has topped 107,000 across the world as the outbreak reaches more countries and causes greater economic pain. In India, the number rose to 39, a day after five of a family in Kerala tested positive.

8. Crude oil fell by the most since 1991 after Saudi Arabia started a price war with Russia by slashing its selling prices and pledging to unleash its pent-up supply onto a market reeling from falling demand because of the coronavirus outbreak.

9. Investors around the globe are looking at more central banks and authorities to announce measures to shield world economy from the virus. The European Central Bank meets on Thursday and will be under intense pressure to act, but rates there are already deeply negative.

10. Domestic stock markets had declined in 13 out of past 16 sessions, and as of Friday's close, benchmark indices S&P BSE Sensex and NSE Nifty were down 8.91 per cent and 9.69 per cent respectively so far this year. On Friday alone, the Sensex shed 893.99 points (2.32 per cent) to end at 37,576.62 and the Nifty finished at 10,989.45, down 279.55 points (2.48 per cent) from the previous close. 

[Kool_SRG]

Rupee slips below 74 level against dollar in early trade

The Indian rupee continued its downward journey on Monday, sliding another 16 paise to 74.03 against the US dollar in opening trade, tracking weak opening in domestic equities amid mounting fears of a coronavirus-led economic slowdown.

Forex traders said weak opening in domestic equities and foreign fund outflows dragged the local unit.

Though weakening of the American currency in the overseas market and easing crude oil prices supported the rupee, but traders believe there is mounting fears of recession in major economies due to the coronavirus outbreak and this could weigh on the local unit.

The rupee opened weak at 73.99 at the interbank forex market and then fell further to 74.03, down 16 paise over its last close.

[Kool_SRG]

BSE SENSEX

INDEXBOM: SENSEX

35,551.19 −2,025.43 (5.39%)       9 Mar, 3:23 pm IST    

[aakathaai789]

Recession effect la undi 

Corona antunnaru kaani economic crisis gattigaane unnattundi

[Kool_SRG]

14 minutes ago, aakathaai789 said:

Recession effect la undi 

Corona antunnaru kaani economic crisis gattigaane unnattundi

Anni oke saari vachi cheraayi....Ee Time lo SBI Cards vaadu IPO list cheyyatam koncham ibbandhe..

[Hydrockers]

Bank nifty puts konte better emo

[aakathaai789]

17 minutes ago, Kool_SRG said:

Anni oke saari vachi cheraayi....Ee Time lo SBI Cards vaadu IPO list cheyyatam koncham ibbandhe..

Irctc damaal malli paatha rate ki vachela undi. 

[aakathaai789]

16 minutes ago, Hydrockers said:

Bank nifty puts konte better emo

Repu holiday Wednesday gap Up anipisthundi

[r2d2]

[supportamaravathi]

1 hour ago, aakathaai789 said:

Recession effect la undi 

Corona antunnaru kaani economic crisis gattigaane unnattundi

Nee bonda ra labor ga