Stock Market Today LATEST Updates: Sensex ends day's session tanking over 3,900 points, Nifty plunges 1,135 points; Axis Bank, IndusInd, Bajaj Finance among top losers
Stock Market Today LATEST Updates: Sensex ends day's session tanking over 3,900 points, Nifty plunges 1,135 points; Axis Bank, IndusInd, Bajaj Finance among top losers
The stock indices have started the week on a negative note. Sensex sank nearly 3,000 point to hit its lower circuit limit in morning session. It was down 2991.85 points or showed a 10 percent dip at 26,924.11.This triggered a 45-minute trading freeze as coronavirus-led lockdowns across the world stoked fears of a massive global recession. The Nifty50 index fell below the 8,000-mark, down 790 points, or 9.04 percent.
Equity benchmark Sensex sank nearly 3,000 points to hit its lower circuit limit in morning session on Monday, triggering a 45-minute trading freeze as coronavirus-led lockdowns across the world stoked fears of a massive global recession.
After opening 2,718 points lower, the BSE barometer plunged 2,991.85 points or 10 percent to 26,924.11. Similarly, the NSE Nifty fell 842.45 points, or 9.63 per cent, to 7,903.
All Nifty stocks are in the red.
All Sensex components were trading in the red, with Axis Bank tanking up to 20 per cent, followed by ICICI Bank, IndusInd Bank, Bajaj Finance, Hero MotoCorp and M&M.
According to traders, extreme lockdown measures taken by government in India and world over has put immense pressure in investor sentiment.
As the virus cases climbed, the central and state governments in the country decided to lock down 75 districts from where Covid-19 cases have been reported to break the chain of transmission, and the Health Ministry said states would earmark hospitals to exclusively treat coronavirus patients.
Putting in place a tighter framework to curb high market volatility, Securities and Exchange Board of India (Sebi) on Friday announced revising market wide position limit for stocks in the derivatives segment, flexing dynamic price bands and other measures for one month starting from March 23.
These steps would limit short selling of shares as well as reduce volatility in individual stocks.
Meanwhile, Brent crude oil futures fell 3 per cent to USD 26.17 per barrel.
The number of global Covid-19 infections has shot past 3,00,000. Worldwide fatalities topped 14,000.
Cases in India rose to 390 over the weekend, according to the Health Ministr
Stock exchanges and regulatory officials, however, dismissed suggestions about curtailment of trading hours in wake of the pandemic.
The rupee too plunged 92 paise against US dollar to 76.12.
Asian shares sink
Asian shares sank on Monday as a rising tide of national lockdowns threatened to overwhelm policymakers’ frantic efforts to cushion what is likely to be a deep global recession, Reuters said.
In a foretaste of the pain to come, E-Mini futures for the S&P 500 dived 5% at the open to be limit down, while EUROSTOXXX 50 futures tumbled 6.4%.
MSCI’s broadest index of Asia-Pacific shares outside Japan lost 3.8%, with New Zealand’s market shedding a record 10% as the government closed all non-essential businesses.
Shanghai blue chips dropped 2.3%, though Japan’s Nikkei rose 0.8% aided perhaps by expectations of more aggressive asset buying by the Bank of Japan.
There was little to cheer in coronavirus news as the global death toll exceeded over 14,000 with more than 300,000 infections.
Airlines canceled more flights as Australia and New Zealand advised against non-essential domestic travel, the United Arab Emirates (UAE) halted flights for two weeks and Singapore and Taiwan banned foreign transit passengers.
Nearly one in three Americans were ordered to stay home on Sunday to slow the spread of the disease, while Italy banned internal travel as deaths there reached 5,476.
U.S. President Donald Trump went on TV to approve disaster deceleration requests from New York and Washington, while St. Louis Federal Reserve President James Bullard warned unemployment could reach 30 percent unless more was done fiscally.