Coronavirus melts stock markets; investors' wealth plummets over Rs 10 lakh crore in first hour of trade
Investor wealth plummeted by over Rs 10 lakh crore in the first hour of trade on Monday as the equity markets went into a tailspin and sank 10 percent
New Delhi: Investor wealth plummeted by over Rs 10 lakh crore in the first hour of trade on Monday as the equity markets went into a tailspin and sank 10 percent.
Rising cases of coronavirus (Covid-19) has hit market sentiment negatively, with the equity markets starting the week with a massive selloff.
The market capitalisation of BSE-listed firms dropped by Rs 10,29,847.17 crore to Rs 1,05,79,296.12 crore just before the trading was halted for 45 minutes.
Markets took a heavy beating as the BSE benchmark index plunged 2,991.85 points or 10 percent — its lower circuit limit.
All the constituents from the BSE 30-share index witnessed selling led by Axis Bank, ICICI Bank, IndusInd Bank and Bajaj Finance, tanking up to 19.98 percent.
All the sectoral indices too traded with heavy losses led by bank, realty and finance.
Market heavyweights RIL tumbled 11.57 percent and TCS tanked 5.84 percent.
Weak global trends and persistent foreign fund outflows coupled with rising crude prices led to domestic markets snapping their three-day positive streak. However, they bounced back on the back of gains in oil & gas, metal, and auto sectors.
Markets ended higher for the third consecutive session led by a rally in IT stocks and positive global sentiment
Among the sectoral indices, IT was the only laggard. Media was the biggest gainer. Oil & gas, banking, financial services, consumer durables, auto, metal and FMCG rose between 1 and 2 percent. BSE Midcap and Smallcap indices gained over 1.5 percent.