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Market Wrap: Sensex Crashes 894 Points, Nifty Falls Below 11,000

In The Previous Trade, The Precious Metal Had Closed At Rs 44,570 Per 10 Gram, According To HDFC Securities. Silver Prices Also Rose By Rs 192 To Rs 48,180 Per Kg As Compared To The Previous Close Of Rs 47,988 Per Kg.

News Nation Bureau | Edited By : Assem Sharma | Updated on: 06 Mar 2020, 04:51:26 PM
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Market Wrap: Sensex crashes 894 points, Nifty falls below 11,000 (Photo Credit: file photo )

New Delhi :

Market benchmark Sensex tanked 894 points on Friday following intensifying rout in global stocks on coronavirus concerns. After crashing over 1,459 points during the day, the 30-share index settled 893.99 points or 2.32 per cent lower at 37,576.62 while the broader NSE Nifty tanked 279.55 points or 2.48 per cent to close at 10,989.45.

Shares of Yes Bank tanked over 55 per cent after the Reserve Bank of India (RBI) placed the lender under a moratorium, capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board. Tata Steel was the top losers in the Sensex includes SBI, IndusInd Bank, HDFC, ICICI Bank and ONGC. Bajaj Auto, Maruti and Asian Paints were the only gainers.

According to analysts, investors took the Yes Bank episode very negatively, raising questions on the stability of the overall Indian financial system.

In the previous session, the 30-share BSE barometer settled 61.13 points or 0.16 per cent higher at 38,470.61, and the Nifty advanced 18 points or 0.16 per cent to finish at 11,269. European benchmarks were also trading significantly lower in their morning sessions.

Brent crude oil futures fell 2.54 per cent to USD 48.72 per barrel. On the currency front, the Indian rupee depreciated 32 paise to 73.24 per US dollar (intra-day).

Bullion Market Closing: Gold Jumps Rs 773 On Safe-Haven Appeal

Gold on Friday jumped Rs 773 to Rs 45,343 per 10 gram in the national capital as mounting worries over the economic fallout from the fast-spreading coronavirus drove investors towards the safe-haven metal. In the previous trade, the precious metal had closed at Rs 44,570 per 10 gram, according to HDFC Securities.

Silver prices also rose by Rs 192 to Rs 48,180 per kg as compared to the previous close of Rs 47,988 per kg. “Spot gold of 24 karat in Delhi rallied by Rs 773 with spot prices crossing Rs 45,300. The spot rupee was trading around 23 paise weaker against the dollar during the day,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

The rupee plunged 65 paise to 73.99 against the US currency in opening trade on Friday. Equity benchmark Sensex plummeted over 1,400 points in opening session on Friday led by massive sell-off in bank stocks. Concerns over the economic strain of the coronavirus outbreak also made investors nervous.

In the international market, gold was trading with gains at USD 1,678 per ounce and silver at USD 17.34 per ounce. “Gold prices traded up on spreading coronavirus and concerns of global economic growth,” he added.

Navneet Damani, vice-president (commodities research), Motilal Oswal Financial Services, said, “Gold prices rallied as mounting worries over the economic fallout from the fast-spreading coronavirus drove investors towards the safe-haven metal. Cases outside China are continuously on the rise, death toll and affected people cases are increasing at the fastest pace in the US, India, South Korea, Iran and few others.”

(With inputs from PTI)

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First Published : 06 Mar 2020, 03:47:20 PM

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