New Delhi: Amid a sell off in global markets over COVID-19 fears, domestic stock markets crashed on Monday with the BSE Sensex falling over 2,400 points and the Nifty50 trading below 10,400 points. Also Read - Sensex Plunges 1,300 Points, Nifty Slips Below 10,600 Over Coronavirus Fears & Yes Bank Crisis
Following the carnage, stocks of Reliance Industries registered the biggest fall in over 10 years as it fell to Rs 1,094.95 per share. At 1.34 PM, it was trading at Rs 1,100, lower by Rs 170.05 or 13.39 per cent from its previous close. The stock fell most since October 2008.
The benchmark index of BSE Sensex was trading at 35,232.67 points, lower by 2,343.95 points or 6.24 per cent from the previous close of 37,576.62 points.
It had opened at the intra-day high of 36,950.20 and has so far touched a low of 35,109.18.The Nifty50 on the National Stock Exchange was trading at 10,314.25 points, lower by 675.20 points or 6.14 per cent from the previous close.
Top 10 things one should know about the selloff across global markets:
The carnage in the equity market wiped out investor wealth worth Rs 4,79,820.87 crore, taking the total m-cap to Rs 1,39,39,640.96 crore on the BSE. The m-cap of BSE-listed companies stood at Rs 1,44,31,224.41 crore at the end of trading on Friday.
Among stocks, ONGC cracked by 13.16 per cent to Rs 76.85 per share. Metal and mining major Vedanta fell by 12 per cent while index heavyweight Reliance Industries dipped by 10.66 per cent at Rs 1,135.50 per share.
The other major losers were IndusInd Bank, ICICI Bank, State Bank of India, Tata Motors, Tata Steel and GAIL.
However, Yes Bank gained by 31.58 per cent to Rs 21.25 per share as State Bank of India got ready to unveil a reconstruction plan for the troubled private sector lender, which has been grappling with mounting bad loans and struggling to raise fresh capital.
Bharat Petroleum Corporation gained by 7.8 per cent while IndianOil Corporation rose by 0.74 per cent.
Owing to the incessant spread of the coronavirus outbreak and a dive in oil prices, risk sentiment across the world has increased. The number of people infected has topped 107,000 across the world as the outbreak reaches more countries and causes more economic pain. In India, the number rose to 43, a day after five of a family in Kerala tested positive.
Oil prices plunged almost 30 per cent after Saudi Arabia slashed its official selling price with plans to raise its production significantly after the collapse of OPEC’s supply cut agreement with Russia.
Brent crude futures were down 12.23 dollars or 27 per cent at 33.04 dollars a barrel by 0552 hrs GMT after earlier dropping to 31.02 dollars, their lowest since February 12, 2016. Brent futures were on track for their biggest daily decline since January 17, 1991 at the start of the first Gulf War.
Investors across the world are looking at more central banks and authorities to announce measures to shield world economy from the virus.
(With agency inputs)