Posted in India
February 28, 2020

Sensex plunges over 1400 points, Nifty holds at 11,200

On the sixth straight session of its downward spiral, equity benchmark Sensex plunged 1,448 points on Friday amid a wild global selloff as market participants were concerned about the impact of rapidly spreading coronavirus.

The 30-share BSE barometer finished 1,448.37 points, or 3.64 percent, lower at 38,297.29, after nosediving more than 1,525 points during the day.

Likewise, at 11,201.75, the wider NSE Nifty dropped 431.55 points or 3.71 percent.

The biggest laggard in the Sensex group was Tech Mahindra, followed by Tata Steel, Mahindra and Mahindra, HCL Tech, Infosys, SBI and Bajaj Finance.

Markets are increasingly worried about the rapid spread of coronavirus across geographies, and the consequent economic impact, according to analysts.

The viral outbreak which started in China has infected more than 83,000 people worldwide.

In addition, incessant sales by international portfolio investors (FPIs) have spooked retail investors, traders have said.

Based on provisional data available with stock exchanges, FPIs have net-based offloaded stocks worth Rs 9,389 crore, so far this week.

Shanghai, Hong Kong, Seoul, and Tokyo stock exchanges ended up down 3.71 percent.

In their morning sessions, stock exchanges in Europe plummeted up to 4%.

The Dow Jones Industrial Average dropped 1.190.95 points in overnight trading on Wall Street, its largest one-day fall in history.

Brent crude oil futures dropped 3.38 percent to USD 49.98 per barrel as traders jittered over coronavirus ‘ impact on crude demand, especially from key consumer China.

The Indian rupee tumbled 55 paises on the currency front to 72.16 per US dollar (intra-day).

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