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Sensex crashes 1,942 points, biggest one-day fall in 4.5 years

Sensex crashes 1,942 points, biggest one-day fall in 4.5 years

Share/Stock Market Today Live Updates: The benchmark equity indices on the BSE and the National Stock Exchange (NSE) tanked around 5 per cent lower on Monday, registering their biggest one-day fall since August 2015, tracking the weakness in the global markets which tumbled due to rising concerns over the economic impact of coronavirus outbreak and crashing crude oil prices.

The S&P BSE Sensex fell 1,941.67 points (5.17 per cent), its worst fall since August 24, 2015, to settle at 35,634.95, its lowest level since February 19, 2019. During the intraday trade, the 30-share benchmark had crashed as much as 2,467.44 points (6.57 per cent) to hit a 15-month low of 35,109.18.

Among the stocks on Sensex, shares of oil-to-telecom behemoth Reliance Industries (RIL) declined 13 per cent to end at Rs 1,105 apiece on Monday. The stock had crashed 13.79 per cent to Rs 1,094.95 per share in the intraday trade, its lowest level since August 2019. This apart, state-owned Oil and Natural Gas Corporation (ONGC) too declined 16.55 per cent to settle at Rs 74.40 per share. Earlier in the day, it had slipped 16.99 per cent to Rs 74.00 on the BSE, its lowest level since September 2004.

The broader Nifty 50 index on the NSE ended 538.00 points (4.90 per cent) lower to end the day at 10,451.45, its lowest since November 1, 2018. The 50-share NSE benchmark had slipped as much as 695.00 points (6.32 per cent) to 10,294.45.

All the sectoral indices on NSE ended in a sea of red on Monday. The Nifty Metal index was the top laggard of the day, slipping 7.72 per cent dragged by Welspun Corp, Vedanta and NMDC. This apart, the Nifty PSU Bank index too slipped 6.07 per cent weighed by Bank of India, Union Bank of India and Canara Bank.

In the broader market, the S&P BSE 500 index settled at 13,668.30, down 687.52 points (4.79 per cent). The index had slipped as much as 853.39 points (5.94 per cent). The S&P BSE MidCap index ended at 13,554.07, down 673.42 points (4.73 per cent), while the S&P BSE SmallCap settled at 12,770.55, down 559.23 points (4.20 per cent).

The stock markets have been on a downward spiral since the past two weeks as coronavirus cases in the country have risen sharply and the ongoing developments in the banking space regarding Yes Bank during the past weekend.

The number of coronavirus cases in India so far has risen to 43 as on Monday, after four fresh cases were reported from Jammu and Kashmir, New Delhi and Uttar Pradesh and Kerala, respectively, officials in the health ministry said. No deaths due to the deadly virus have been reported yet.

About Yes Bank, the shares of the private sector lender climbed 31.17 per cent to settle at Rs 21.25 on the BSE on Monday. During the day, the stock had surged 40.74 per cent to Rs 22.80 per share as State Bank of India (SBI) announced over the weekend that it will pick a 49 per cent stake in the troubled private lender. SBI shares slid 6.19 per cent to end at Rs 253.70 on the BSE.

"Risk of recession increased fuelled by crash in crude oil prices and increasing virus cases outside China. Even though fall in crude oil prices is positive for India in the long term, short term concerns weighed with FII outflow in emerging markets. Coronavirus fear is intensifying and fresh travel bans seems to hurt the global economic sentiments more than feared," Vinod Nair, Head of Research at Geojit Financial Services said in an aftermarket statement.

Going ahead, the equity markets in India will be shut on Tuesday on account of Holi.

(Inputs and image from theindianexpress.com)

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