New Delhi: The new week didn’t bring any relief for equity indices with markets plunging yet again as the deadly novel coronavirus continued to spread further. While the benchmark Bombay Stock Exchange (BSE) Sensex fell over 2,000 points, the National Stock Exchange (NSE) Nifty slumped below the 9,400 level in early trade on Monday. Also Read - Sensex, Nifty Plunge Amid Coronavirus Fears; Slip by Over 8% on Thursday
In the morning session, Sensex sank 2004.20 points or 5.88% to 32,099.28. The NSE Nifty, meanwhile, slipped 596.25 points, or 5.99%, to 9,358.95. Also Read - Terrible Thursday: Sensex Sinks Over 3,150 Points; Nifty Below 9,500 in Biggest Crash Ever
In the previous session, Sensex, which is a 30-share BSE barometer, had recovered over 5,380 points from its intra-day low of 29,388.97, ending 1,325.34 points or 4.04% higher at 34,103.48. Nifty, meanwhile, had settled at 365.05 points, or 3.81%, up at 9,955.20. Also Read - Markets in Red as Sensex Down by Over 2300 Points, Nifty at 15-Month Low | 10 Points
With all Sensex components trading in the red, IndusInd Bank emerged as the top loser, falling by up to 12%. ICICI Bank, HDFC, Axis Bank, Titan, Tata Steel and Bajaj Finance, respectively, were behind IndusInd Bank.
Traders have attributed Monday’s opening morning session fall to the US Federal Reserve’s interest rate cut, which has stoked concerns over an impending economic recession.
The rupee, too, recorded a fall in the morning session, depreciating 41 paise to 74.16 against the US dollar.
In a significant development, Japan’s Nikkei was the only Asian benchmark not to lose ground early Monday.