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Closing Bell: Sensex Crashes Over 1400 Points, Nifty Ends At 11,202

Closing Bell: Sensex Crashes Over 1400 Points, Nifty Ends At 11,202

News Nation Bureau | Edited By : Assem Sharma | Updated on: 28 Feb 2020, 04:23:15 PM
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Closing Bell: Sensex crashes Over 1400 points, Nifty ends at 11,202 (Photo Credit: file photo )

New Delhi:

Continuing its downward spiral for the sixth straight session, equity benchmark Sensex plummeted 1,448 points on Friday following a manic global selloff as market participants fretted over the impact of the rapidly spreading coronavirus. After nosediving over 1,525 points during the day, the 30-share BSE barometer ended 1,448.37 points, or 3.64 per cent, lower at 38,297.29.

Similarly, the broader NSE Nifty sank 431.55 points or 3.71 per cent to end at 11,201.75. Tech Mahindra was the top laggard in the Sensex pack, followed by Tata Steel, Mahindra and Mahindra, HCL Tech, Infosys, SBI and Bajaj Finance. In the previous session, the Sensex settled 82.03 points, or 0.20 per cent, lower at 40,281.20, and the Nifty declined 31.50 points or 0.27 per cent to end at 11,797.90.

On the other hand, Sun Pharma, Titan, Asian Paints and Axis Bank led the gainers’ chart The viral outbreak that began in China has infected more than 83,000 people globally. Further, incessant selling by foreign portfolio investors (FPIs) spooked retail investors, traders said.

According to provisional data available with stock exchanges, so far this week, FPIs have offloaded stocks worth Rs 9,389 crore on a net basis. Bourses in Shanghai, Hong Kong, Seoul and Tokyo ended up to 3.71 per cent lower. Stock exchanges in Europe plunged up to 4 per cent in their morning sessions.

In overnight trade on Wall Street, the Dow Jones Industrial Average dropped 1,190.95 points, its largest one-day fall in history. Brent crude oil futures dropped 3.38 per cent to USD 49.98 per barrel as traders turned jittery about the impact of coronavirus on crude demand, particularly from key consumer China. On the currency front, the Indian rupee tumbled 55 paise to 72.16 per US dollar (intra-day).

Bullion Market Closing: Gold Slumps Rs 222 On Weak Global Cues

Gold prices on Friday fell by Rs 222 to Rs 43,358 per 10 gram in the national capital in line with weak trend in global markets, according to HDFC Securities. The precious metal had closed at Rs 43,580 per 10 gram in the previous trading session. Silver prices also declined by Rs 60 to Rs 48,130 per kg from Rs 48,190 per kg.

“Spot gold for 24 Karat Gold at Delhi plunged by Rs 222 with sharp fall in international gold prices,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said. Owing to sharp depreciation in Indian rupee, the gold prices might not see further downfall, he said. The spot rupee was trading 50 paise weaker against the dollar during the day.

He attributed the decline in yellow metal prices to investors switching to safer investment tool such as bonds. In the international market, both gold and silver were trading lower at USD 1,632 per ounce and USD 17.25 per ounce, respectively.

(With inputs from PTI) 

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First Published : 28 Feb 2020, 03:42:49 PM