Sensex Today Live: Sensex crashes further to tank over 3,500 points; Nifty below 7,750 | India Business News

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NEW DELHI: Equity indices plunged on Monday with the benchmark BSE sensex diving more than 3,500 points as lockdowns escalated to curb the deadly coronavirus spread. Covid-19 has infected more than 3,28,000 people and claimed over 14,300 lives across the globe. Cases in India rose to 415, according to the health ministry.
A steep plunge of 10 per cent — lower circuit — in the 30-share BSE pack resulted in a trading halt for 45 minutes.
As an automatic mechanism amid free fall in the stock markets, when an exchange plunges 10 per cent before 1 pm, trading is halted for 45 minutes.
After resuming trade, both the BSE and NSE indexes continued to fall further with sensex falling over 3,500 points and Nifty below 7,750-levels.
Major laggards in the BSE pack included Bajaj Finance, Axis Bank, ICICI Bank, IndusInd Bank, Maruti and Titan with their stocks sliding as much as 13.37 per cent.
On NSE, sub-indices Nifty Private Bank and Realty dropped as much as 10.08 per cent.
Analysts have said that trading this week — both on the domestic and global platforms — would continue to be guided by developments on the coronavirus front and concerns over its impact on the economic activity will most likely weigh on the markets.
“The markets will continue to focus on whether the virus infection rate peaks out and also on the coordinated actions of the RBI (Reserve Bank of India) and the government to support businesses with relief package,” Vinod Nair, head of research, Geojit Financial Services, told news agency PTI.
During the last trading week till Friday, sensex plummeted 4,188 points or 12.27 per cent, while Nifty sank 1,210 points or 12.15 per cent.
Equity markets witnessed a relief rally on Friday after four days of fall and ended 1,628 points or 5.75 per cent higher at 29,916.
“Indian indices again plunged sharply this week, witnessing the biggest weekly loss since October 2008, as the increasing number of coronavirus cases in India as well as globally, continued to spook the markets,” Siddhartha Khemka, head of retail research, Motilal Oswal Financial Services, told PTI.
On the global front, Asian shares sank as a rising tide of national lockdowns threatened to overwhelm policymakers’ frantic efforts to cushion what is likely to be a deep global recession.
US stocks have already fallen more than 30% from their mid-February peak and even the safest areas of the bond market are experiencing liquidity stress as distressed funds are forced to sell good assets to cover positions gone bad.
“It would be a brave, or foolish, man to call the bottom in equities without a dramatic medical breakthrough,” Alan Ruskin, head of G10 FX strategy at Deutsche Bank, told news agency Reuters.
Meanwhile, the Indian rupee slipped further by 95 paise to 76.15 against the US dollar in opening trade amid sharp rise in coronavirus cases in the country and heavy selling in domestic equities.
(With agency inputs)

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