Sensex crashes over 2,000 points in early deals, Nifty dips below 9,400-mark
The benchmark equity indices on the BSE and National Stock Exchange (NSE) extended on their opening losses and slipped around 6 per cent lower during the early morning deals on Monday resuming the selloff after a one-day halt, tracking the weakness in the global markets.
The S&P BSE Sensex cracked as much as 2,182.41 points or 6.40 per cent at 31,921.07, while the broader Nifty 50 index slipped 615.95 points or 6.19 per cent to 9,339.25.
IndusInd Bank, Housing Development Finance Corporation (HDFC), ICICI Bank, Axis Bank, Titan Company and Bajaj Finance were the biggest losers during the early morning deals on the Sensex on Monday slipping in the range of 6.99-10.12 per cent on the BSE.
Among the sectoral indices on the NSE, The Nifty Bank index was down over 1,500 points (over 6 per cent) during the early morning deals weighed by IndusInd Bank, ICICI Bank, Axis Bank and HDFC Bank. This apart, the Nifty Financial Services index too was down nearly 750 points (over 6 per cent) weighed by ICICI Bank, Axis Bank, HDFC and Bajaj Finance.
Rupee plunges 42 paise to 74.17 against US dollar in early trade, news agency PTI reported.
Stock markets and the dollar were roiled on Monday after the Federal Reserve slashed interest rates in an emergency move and its major peers offered cheap US dollars to break a logjam in global lending markets.
The aggressive policy steps were aimed at cushioning the economic impact as the breakneck spread of the coronavirus all but shut down more countries, but had only limited success in calming panicky investors.
Data out of China also underscored just how much economic damage the disease had already done with industrial output plunging 13.5 per cent and retail sales 20.5 per cent.
The E-mini futures for the S&P 500 index down 4.77 per cent to their daily trading limit outside the United States. MSCI's index of Asia-Pacific shares outside Japan slid 2.4 per cent to lows not seen since early 2017, while the Nikkei eased 0.4 per cent.
Shanghai blue chips fell 1.5 per cent even as China's central bank surprised with a fresh round of liquidity injections into the financial system. New Zealand's central bank also shocked by cutting rates 75 basis points to 0.25 per cent, while the Reserve Bank of Australia (RBA) pumped more money into a strained financial system.
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