Sensex plunges over 1,100 points, Nifty falls 245 points; Bajaj Finance among top losers, tanks up to 8%

After hitting a low of 28,708.83, the 30-share Sensex was trading 855.82 points or 2.87 per cent lower at 28,959.77. Similarly, the NSE Nifty fell 245.30 points, or 2.83 per cent, to 8,414.95.

FP Staff March 30, 2020 10:41:13 IST
Sensex plunges over 1,100 points, Nifty falls 245 points; Bajaj Finance among top losers, tanks up to 8%

The Sensex plunged over 1,100 points in opening session on Monday tracking losses in global equities as unabated spike in COVID-19 cases across the world has hammered economic growth, sending the world into an economic recession.

The number of coronavirus infections in Asia’s third-largest economy showed no signs of slowing in spite of a nationwide lockdown.

Positive coronavirus cases rose above 1,000 in India as of Sunday evening, government data showed, while the total number of deaths touched 27.

The International Monetary Fund (IMF) has said the world is in the face of a devastating impact due to the coronavirus pandemic and has clearly entered a recession.

After hitting a low of 28,708.83, the 30-share BSE barometer was trading 855.82 points or 2.87 per cent lower at 28,959.77. Similarly, the NSE Nifty fell 245.30 points, or 2.83 per cent, to 8,414.95.

Bajaj Finance was the top laggard in the Sensex pack, tanking up to 8 per cent, followed by M&M, Tata Steel, Bajaj Auto, ONGC, HDFC Bank and Kotak Bank.

On the other hand, TCS, Tech Mahindra, HUL, Axis Bank and ITC were the top gainers.

In the previous session, the 30-share BSE barometer ended 131.18 points or 0.44 per cent lower at 29,815.59, while the broad-based Nifty closed 18.80 points, or 0.22 per cent, higher at 8,660.25.

Foreign institutional investors (FIIs) turned net buyers in the capital market, as they purchased equity shares worth Rs 355.78 crore on Friday, according to provisional exchange data.

Sensex plunges over 1100 points Nifty falls 245 points Bajaj Finance among top losers tanks up to 8

Representational image. News18

According to traders, investors across the globe are jittery over the rising number of COVID-19 cases and the economic fallout of the worldwide lockdowns.

The IMF on Friday said it has reassessed the prospects for growth for 2020 and 2021.

It is now clear that we have entered a recession as bad or worse than in 2009. We do project recovery in 2021," IMF Managing Director Kristalina Georgieva stated.

Analysts said the stimulus package announced by the Indian government and RBI will have limited effect, until the actual impact of the contagion is known - both economically and with the number of infections.

On the global front, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading significantly lower.

Meanwhile, the Indian rupee depreciated 28 paise to 75.18 against the US dollar in morning trade.

Brent crude futures, the global oil benchmark, fell 4.44 percent to $26.71 per barrel.

The number of COVID-19 cases in India surged past 1,000 over the weekend, according to health ministry log.

Deaths around the world linked to the pandemic crossed 30,000 over the weekend.

Rupee slips 32 paise

The Indian fell 32 paise to 75.21 against the US dollar in opening trade on Monday, as investors braced for a prolonged period of uncertainty as coronavirus-induced lockdowns tightened across the world and in India.

Forex traders said weak opening in domestic equities dragged the local unit amid mounting fears of a coronavirus-led economic slowdown.

The rupee opened weak at 75.17 at the interbank forex market and then fell further to 75.21, down 32 paise over its last close.

The rupee had settled at 74.89 against the US dollar on Friday.

According to Reliance Securities, rupee could track weak regional equities which resumed their fall this Monday morning after the number of coronavirus infections surged around the world.

"However, we believe that RBI could be present to intervene to curb excess volatility. Technically, USDINR spot is expected to remain in the range of 74.70-75.70 levels," it noted.

The number of deaths around the world linked to the new coronavirus has touched nearly 34,000. In India, the tally of confirmed coronavirus cases crossed the 1,000-mark.

Brent crude futures, the global oil benchmark, fell 6.22 percent to $23.38 per barrel.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, as they purchased shares worth Rs 355.78 crore on Friday, as per provisional data.

Domestic bourses opened on a negative note with benchmark indices Sensex trading 771.92 points down at 29,043.67 and Nifty down 237.60 points at 8,422.65.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.34 percent to 98.69.

The 10-year government bond yield was at 6.12 percent in morning trade.

--With agency inputs

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