Domestic stock markets suffered their biggest fall ever in absolute terms on Thursday with the S&P BSE Sensex index plunging as much as 2,707.39 points to 32,990.01 and the broader NSE Nifty benchmark losing 809.75 points to 9,648.65. Those losses followed a selloff in global markets after the US announced a temporary travel ban from Europe in order to fight the spread of the coronavirus pandemic. Analysts said investors panicked about the severity of the coronavirus pandemic after the United States' announced a ban on travel from Europe.
While all of the 50 stocks in the Nifty basket traded lower, 11 were down with double-digit percentage losses. Worst hit were BPCL, Yes Bank, Vedanta, Tata Motors, Exis Bank, Adani Ports, Mahindra & Mahindra and GAIL, suffering losses of between 10.44 per cent and 15.94 per cent.
HDFC Bank, Reliance Industries, ICICI Bank, HDFC and Axis Bank were the biggest drags on Sensex, together accounting for a fall of more than 1,100 points in the index.
“The markets are already in a bear phase (20 per cent off peak). The Nifty is far away from the 200-day simple moving average (SMA) of 10,300 and will likely close below that level today,” AK Prabhakar, head of research at IDBI Capital, told.
While all of the 50 stocks in the Nifty basket traded lower, 11 were down with double-digit percentage losses. Worst hit were BPCL, Yes Bank, Vedanta, Tata Motors, Exis Bank, Adani Ports, Mahindra & Mahindra and GAIL, suffering losses of between 10.44 per cent and 15.94 per cent.
HDFC Bank, Reliance Industries, ICICI Bank, HDFC and Axis Bank were the biggest drags on Sensex, together accounting for a fall of more than 1,100 points in the index.
“The markets are already in a bear phase (20 per cent off peak). The Nifty is far away from the 200-day simple moving average (SMA) of 10,300 and will likely close below that level today,” AK Prabhakar, head of research at IDBI Capital, told.
Leave a comment
Your email address will not be published. Required fields are marked *