Sensex plunges over 1,370 points, Nifty below 8,300-mark at end of day's trading; only pharma, FMCG stocks shine

The stock market closed with the benchmark indices registering a fall tracking heavy losses in banking and auto stocks, amid an unsettling spike in Covid-19 cases.. At closing bell, Nifty was below 8,300-level, Sensex fell over 1,300 points. After plunging over 1,500 points during the day, the 30-share BSE barometer ended 1,375.27 points or 4.61 percent lower at 28,440.32. About 924 shares have advanced, 1,320 shares declined, and 168 shares are unchanged. Similarly, the NSE Nifty fell 379.15 points, or 4.38 percent, to close at 8,281.10. Bajaj Finance, HDFC, Kotak Mahindra Bank, Tata Steel and HDFC Bank were among major losers on the Nifty, while Cipla, Tech Mahindra, Nestle, Axis Bank and Dr Reddys Labs. Except for pharma and FMCG stocks, all other sectoral indices ended in the red. The BSE Midcap and Smallcap indices shed 1.7-2 percent. Bajaj Finance was the top laggard in the Sensex pack, tanking nearly 12 percent, followed by HDFC twins, Tata Steel, ICICI bank, Kotak Bank and Maruti. [caption id=“attachment_5678251” align=“alignleft” width=“380”]  Representational image. Reuters.[/caption]   On the other hand, Nestle India, Tech Mahindra, HUL and Axis Bank were the top gainers. “Indian markets started the week on a negative note tracking volatile global cues in Asian markets as coronavirus-fuelled volatility gripped global equities and other financial markets, with oil prices seen plunging,” said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi. The selloff intensified in the second half of the session after multiple ratings agencies cut India’s growth outlook, despite the RBI’s massive actions to spur the economy, he added. Fitch Solutions slashed its estimate for India’s GDP growth in the fiscal starting April 1 to 4.6 per cent due to weaker private consumption and contraction in investment amid the coronavirus outbreak, costing economies around the globe, PTI said. India Ratings and Research too revised its FY21 GDP growth forecast down to 3.6 per cent from 5.5 per cent. On the global front, the International Monetary Fund (IMF) on Friday said the world has entered a recession as bad or worse than in 2009. Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended in the red. Benchmarks in Europe were also trading on a negative note. International oil benchmark Brent crude fell 4.47 per cent to USD 26.70 per barrel in futures trade. On the currency front, the rupee depreciated 65 paise to 75.54 against the US dollar in intra-day trade. The number of Covid-19 cases climbed to 1,071 in India on Monday, while the death toll rose to 29, according to the union health ministry. Deaths around the world linked to the pandemic crossed 30,000 over the weekend. World shares extend losses World markets started the week with fresh losses as countries reported surging numbers of infections from the coronavirus that are forcing shutdowns of travel and business in many regions. Shares fell in London, Paris and Tokyo but surged 7 percent in Australia after the government promised more recession-fighting stimulus, Reuters said. “We want to keep the engine of our economy running through this crisis," Prime Minister Scott Morrison told reporters in Canberra. His unprecedented $130 billion package includes wage subsidies of up to $1,500 per two weeks to businesses to keep workers on the job. US futures yoyo’d throughout Asia’s day but turned lower. The future for the S&P 500 fell 0.6 percent while that for the Dow industrials lost 0.8 percent. Oil prices were lower. Hopes that a $2 trillion US relief bill would ease the economic havoc brought by the pandemic did little to alleviate the gloom prevailing in many markets. On Monday, Germany’s DAX was flat at 9,634.00 while the CAC 40 in Paris lost 1.1 percent to 4,304.63. Britain’s FTSE 100 declined 1.7 percent to 5,415.26. US futures yoyo’d throughout Asia’s day but turned lower. The future for the S&P 500 fell 0.6 percent while that for the Dow industrials lost 0.8 percent. Oil prices were lower. Hopes that a $2 trillion US relief bill would ease the economic havoc brought by the pandemic did little to alleviate the gloom prevailing in many markets. On Monday, Germany’s DAX was flat at 9,634.00 while the CAC 40 in Paris lost 1.1 percent to 4,304.63. Britain’s FTSE 100 declined 1.7 percent to 5,415.26. --With inputs from agencies