New Delhi: Domestic equity benchmark Sensex plummeted over 2,700 points in the opening session on Monday as global stocks resumed their free fall amid coronavirus-led lockdowns around the globe stoking fears of a massive recession. Also Read - ‘Ja Ja Re Coronavirus’: Indian Band Composes COVID-19 Awareness Song With a Rajasthani Folk Touch
The Indian rupee, too, slipped further by 92 paise against US dollar to 76.12. Also Read - IPL 100 Per Cent Possible if Coronavirus Pandemic is Contained by October: Ashish Nehra
By 9.30 AM, Sensex was sinking over by 2,718 points with the BSE barometer trading 2,430.57 points or 8.12 per cent lower at 27,485.39. The NSE Nifty was also trading at a similar low of 682.35 points, or 7.80 per cent, down at 8,063.10. Also Read - Covid-19 Warriors: MP Doctor Turns His Car Into a Temporary Home To Protect His Family From Coronavirus
All major 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. Trading stopped just 45 minutes into the day.
In last week’s closing 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, the Sensex had plummeted 4,187.52 points or 12.27 per cent, while the Nifty sank 1,209.75 points or 12.15 per cent.
The extreme lockdown measures taken by the central and state governments in India and world has put immense pressure in investor sentiment.
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.
These steps would limit short selling of shares as well as reduce volatility in individual stocks.
The number of global Covid-19 infections has shot past 3,00,000. Worldwide fatalities topped 14,000. Cases in India crossed the 400 mark over the weekend, with seven deaths reported, according to the Health Ministry.
Regardless, stock exchanges and regulatory officials dismissed suggestions about curtailment of trading hours in wake of the pandemic.
With PTI inputs