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Rs 3 lakh crore gone! Sensex tanks 700 points amid rising Covid-19 cases

Among bluechip stocks, TCS and ITC were trading with gains.

ETMarkets.com|
Last Updated: Mar 30, 2020, 10.02 AM IST
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Globally, Asian shares slid and oil prices took another tumble as fears mounted that the global shutdown for the coronavirus could last for months.
NEW DELHI: Domestic equity indices plunged in opening trade on Monday as a rapid increase in new cases over the weekend worried investors who fear a community transmission in coming days.

Businesses are shut across India with workers without jobs forced to move back to their hometown on foot. There were 901 active cases in the country along with 27 deaths till now.

BSE flagship Sensex tumbled 717 points to 29,098 while NSE benchmark Nifty shed 216 points to 8,443. Broader market indices were trading in-line with their headline peers as Nifty Smallcap dipped 3.37 per cent while Nifty Midcap fell 2.76 per cent. Nifty 500 was down 2.34 per cent.

Among bluechip stocks, TCS and ITC were trading with gains. TCS was up 0.57 per cent and ITC 0.43 per cent.

Bajaj Finance plunged 9.32 per cent to Rs 2,309 as global investment advisory firm Bernstein downgraded the rating of Bajaj Finance to ‘Underperform’ with the price target of Rs 1,740, citing how unsecured consumer finance business models would become in the current pandemic environment.


Mahindra & Mahindra, ONGC, Kotak Mahindra Bank, Bajaj Auto and Hero Motocorp were among other major losers in the 30-share pack Sensex.

All sectoral indices were trading in the red on NSE with Nifty Private taking the biggest blow. It was down 4.01 per cent while Nifty Financial Services and NIfty Bank fell by the same quantum. Nifty Pharma was the best of the lot, falling just 0.87 per cent.

Equity investors got poorer by Rs 3.31 lakh crore as the total market cap of BSE-listed firms dipped to Rs 1,09,67,814.24 crore.

Globally, Asian shares slid and oil prices took another tumble as fears mounted that the global shutdown for the coronavirus could last for months, doing untold harm to economies despite central banks' best efforts.

E-Mini futures for the S&P 500 skidded 1.2 per cent right from the bell, and Japan's Nikkei 3.7 per cent. EUROSTOXXX 50 futures fell 0.6 per cent and FTSE futures 1.3 per cent.

MSCI's broadest index of Asia-Pacific shares outside Japan lost 1.1 per cent, while Shanghai blue chips shed 1.4 per cent.
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