Sensex tanks 811 points to close at 30,579 as coronavirus continues to spread; Nifty below 9,000-mark

NEW DELHI: In a highly volatile trade, equity indices on Tuesday crashed more than 800 points as the coronavirus pandemic continued to spark fears of a global economic recession.
The benchmark BSE sensex fell 811 points or 2.58 per cent to close at 30,579, while the broader NSE Nifty finished 229 points or 2.51 per cent lower at 8,968.
After opening on a positive note, the 30-share index gyrated 1,653 points during the day.
Top losers in the BSE pack include ICICI Bank, IndusInd Bank, Bajaj Finance, Kotak Bank, Axis Bank and HDFC with their shares down as much as 8.95 per cent. 21 out of 30 stocks finished in red.
On the other hand, Hindustan Unilever, Hero MotoCorp, Power Grid and Maruti were the top gainers with their stocks up as much as 3.49 per cent.
On the NSE platform, sub-indices Nifty Media and Nifty Bank fell up to 5.31 per cent.
According to traders, value-buying lifted benchmarks during the first half of the session, but the gains could not be sustained as markets succumbed to coronavirus-led fears of an impending recession.
The 30-share BSE index had logged its second-biggest drop in absolute terms on Monday, as the coronavirus pandemic continued to wreak havoc on the global markets. The highest drop in terms on points (2,919) was recorded on March 12.
Sensex had plunged 2,713 points or 7.96 per cent to finish at 31,390. And, Nifty gave up the 9,200 level, slumping 758 points or 7.61 per cent to end at 9,197.
To tackle the impact of the outbreak on the economy, the Reserve Bank of India announced certain steps but left interest rates unchanged, adding that it stands ready to take any further measures as necessary.
The number of deaths around the world linked to the virus has topped 7,000, after Italy announced a new surge in fatalities, with over 1,75,000 infections recorded globally so far.
In India, the number of infected cases stood at 126, as per the union health ministry.
Meanwhile, on a net basis, foreign institutional investors sold equities worth Rs 3,809.93 crore on Monday, data available with stock exchanges showed.
(With agency inputs)

Source link