Mayhem on D-Street
Sensex crashes 1,448 pts
Mumbai: Fears of larger than anticipated disruption due to an imminent pandemic caused the stock market to crash on Friday. Dalal Street mirrored global stocks headed for their worst week since the 2008 financial crisis.
The benchmark Sensex lost 1,448 points in a broad-based sell-off which saw none of its 30 constituent stocks withstanding the carnage.
The 'Fear Index' or India 'VIX' logged one of the steepest single day jump in recent past closing at a record high of 22.87 as fresh cases of coronavirus infection surged outside China.
This added to the caution among investors ahead of the 3Q FY 2019-20 GDP data release due later in the day, that was also expected to remain subdued.
Nifty Metal index plummeted 7 per cent, the most among the 11 Nifty sectoral indices. It was followed by IT, media and PSU Bank index. The pivotal -- banking and financial service sectors index -- closed over 3 per cent lower.
"Increase in new virus cases is diluting investor wealth across the globe. On the domestic front, broad-based selling was witnessed with sectors having global exposure like Metals & IT being impacted the most," said Vinod Nair, Head of Research at Geojit Financial Services
Wall Street's benchmark index, Dow Jones Industrial Average closed (down 4 per cent) with record losses on Thursday. China's Shanghai SE Composite Index was trading 3.71 per cent lower while Japan's Topix tumbled 3.6 per cent. Hong Kong's Hang Seng plummeted over 3 per cent.