Bloodbath on D-Street

Bloodbath on D-Street

  • Sensex crashes over 2,300 points
  • Biggest single-day fall ever

New Delhi: Investors on D-Street have lost more than Rs 6 lakh crore in market capitalisation as both benchmark market equities plunged over six per cent.

Some of the reasons behind Monday's fall were global volatility due to the rapid spread of coronavirus, the massive plunge in global crude oil prices and the developments in the Yes Bank matter.

Extending morning losses, BSE Sensex plunged 2,326.35 or 6.19% at 35,250.27 while NSE Nifty crashed 646.95 or 5.89% at 10,342.50 at around 1:22 pm in the afternoon.

It was the biggest intraday fall for Sensex in absolute terms as all stocks in the 30-pack benchmark index traded in red due to a mix of above factors. Nifty, too, slipped below the 10,500-mark for the first time since December 2018.

Shares of companies including IOC, HPCL, ONGC, Reliance Industries, Induslnd Bank and Tata Steel were some of the biggest losers as panic spread during Monday's session.

It is worth mentioning that all Nifty sectoral indices were also trading in negative territory. It is also worth noting that in the last two trading sessions, investors have collectively lost a market cap of Rs 10 lakh crore in what could be the biggest stock market tumble in India's history.

While the effects of coronavirus outbreak outside China is the key reason behind the constant trimming in the stock market, anxiety of the fate of Yes Bank and the sudden shock faced by major oil companies in the country have made investors even more nervous.

Earlier in the morning trading session, BSE Sensex was down 1,409.05 points or 3.75 per cent at 36,167.57 points while NSE Nifty was trading 402.30 points or 3.66 per cent lower at 10,587.15.

Just moments after 11:00 am, Sensex fell 1,646.17 or 4.38 per cent at 35,930.45 points while Nifty was down by 459.75 or 4.18 per cent at 10,529.70.

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