Sensex Sheds Over 2,430 Points, Nifty Down At 8,063 (Photo Credit: File Photo - PTI Image)
Mumbai:
The trading in the Indian domestic stock markets was halted for 45 minutes on Monday morning as benchmark indices plunged 10 per cent to trigger the lower circuit. The S&P BSE Sensex index froze at 27,608.80 - down 2,307.16 points from the previous close - and the broader NSE Nifty 50 benchmark was stuck down 842.45 points at 7,903.00.
BSE Sensex extended its fall as trading resumed after halt dropping 3,185.84 points to 26,730.12. NSE Nifty also opened 923.95 points down at 7,821.50 on resuming trade.
All Sensex components were trading in the red, with Bajaj Finance tanking up to 14 per cent, followed by Axis Bank, UltraTech Cement, ICICI Bank, Maruti and M&M. On the other hand, the rupee too plunged 92 paise against US dollar to 76.12.
In the previous session on Friday, equity markets witnessed a relief rally after four days of fall. The BSE benchmark ended 1,627.73 points or 5.75 per cent higher at 29,915.96. The Nifty zoomed 482 points, or 5.83 per cent, to close at 8,745.45.
During the last trading week till Friday, the Sensex plummeted 4,187.52 points or 12.27 per cent, while the Nifty sank 1,209.75 points or 12.15 per cent.
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.
Stock exchanges and regulatory officials, however, dismissed suggestions about curtailment of trading hours in wake of the pandemic. Bourses in Shanghai, Hong Kong and Seoul plunged up to 4 per cent, while Tokyo was trading with gains.
On a net basis, foreign institutional investors sold equities worth Rs 3,345.95 crore on Friday, data available with stock exchanges showed. Meanwhile, Brent crude oil futures fell 3 per cent to USD 26.17 per barrel.
Also Read: Coronavirus Effect: Rupee Tanks 95 Paise, Falls Below 76 Level Against US Dollar
The number of global Covid-19 infections has shot past 3,00,000. Worldwide fatalities topped 14,000. Cases in India rose to 397 over the weekend, according to the Health Ministry.
