Global Sensex Tanks Amid Fear Of Coronavirus Spread
On Friday, domestic stock markets witnessed sharp loss in early trade sell off amid fear of recession due to spread of coronavirus pandemic. RBI’s action of saving the beleaguered Yes Bank and possible ramifications of that action further dented the Dalal Street sentiments.
Here’re 7 big things about stock market
- The S&P BSE Sensex index hit 37,011.09 points that was 1459.52 points down. And the NSE Nifty benchmark dropped to 441.60 points that was 10,827.40 points down. But the market trimmed some of the losses in the day.
- Yes Bank, IndusInd Bank, Tata Motors, SBI, Tata Steel and Zee Entertainment were the top losers. They traded between 5.16% and 25%.
- Yes Bank shares were trading at Rs. 17 that was 51% down after RBI suspended the Yes Bank board for 30 days. Also, it imposed a withdrawal limit of 50,000 on account holders till April 3.
- All the 11 sectors on the National Stock Exchange (NSE) including state-run banks, automobile and metal stocks were the worst hit.
- Panic selling was also visible in the broader markets. The BSE Midcap and Smallcap indices were down by 2.3% and 1.9% respectively.
- For the first time since 2018, rupee weakened past the 74-per-dollar mark due to plunge in equity markets.
- In the US, Wall Street tumbled overnight with shares of banks and travel companies taking a huge hit.