New Delhi: The new strain of coronavirus found in UK has taken toll on the stock market and led to a massive selloff in global equities as a result the equity benchmark Sensex plummeted 1,407 points on Monday.Also Read - AGS Transact Technologies IPO To Open For Subscription Tomorrow | How To Apply, Share Price, Other Details Here
As per updates, the 30-share BSE index plunged 1,406.73 points or 3 per cent to close at 45,553.96. The broader NSE Nifty crashed 432.15 points or 3.14 per cent to 13,328.40. Also Read - Alkosign IPO Application Opens Today. Know How To Apply, Share Price, Other Details Here
On the other hand, the investors on Dalal Street also witnessed wealth loss of over Rs 7 lakh crore as market part-takers preferred to book profits, amid weak global cues. Market capitalisation of BSE-listed firms tanked to Rs 178 lakh crore from Rs 185 lakh crore on Friday. Also Read - Share Market India: Sensex Surges 533 Points To Close At 61,150, Nifty Over 18,200. Mahindra & Mahindra And Bharti Airtel Led The Rally
All Sensex components ended in the red, with ONGC leading the pack by tanking around 9 per cent. IndusInd Bank, M&M, SBI, NTPC, ITC, Axis Bank and PowerGrid shed up to 7 per cent.
“Domestic equities witnessed sharp selling pressure today and wiped out more than Rs 7 trillion of investors’ wealth in a single day,” said Binod Modi, Head- Strategy at Reliance Securities.
Concerns of new COVID-19 strain in the UK and emerging doubts over efficacy of COVID-19 vaccination dented investors’ sentiments globally, he said, adding that Indian market was among the worst performers as profit-booking also took place at higher levels.
Notably, volatility index witnessed sharp jump of 25 per cent, indicating more volatility ahead, he asserted.
As a precautionary measure, India on Monday suspended international flights from UK. Several European countries, including France, Germany, the Netherlands, Belgium, Austria and Italy, have banned flights from the UK with the British government warning that the potent new strain of the virus was “out of control”. The UK has imposed a stringent new stay-at-home lockdown from Sunday in London and other regions.
Stock exchanges in Paris, Frankfurt and London were trading up to 2.50 per lower in early deals.
Elsewhere in Asia, bourses in Hong Kong and Tokyo ended in the red, while Shanghai and Seoul settled with mild gains. Global oil benchmark Brent crude futures plummetted 5.30 per cent to USD 49.49 per barrel.
(With inputs from PTI)