INSUBCONTINENT EXCLUSIVE:
Banking, automobile, metal and information technology shares were worst hit in the day's carnage
Domestic stock markets slumped more than 3 per cent on Friday continuing their
downward spiral for the sixth session in a row, as fears the coronavirus outbreak may trigger recession across major economies spooked their
Hopes the coronavirus would be contained to China vanished on Friday as infections spread rapidly around the world, compelling countries to
stockpile medical equipment and investors to take flight in expectation of a global recession
The S-P BSE Sensex ended at 38,297.29, lower by 1448.37 points - or 3.64 per cent - from its previous close, and the Nifty shut shop down
431.55 points - or 3.71 per cent - at 11,201.75
There was carnage across the Street; all the sectoral indices on the National Stock Exchange (NSE) ended with losses, and 49 out
of the 50 shares in the Nifty basket ended in the red
Banking, automobile, metal and IT shares were the worst hit in the mayhem.That was the biggest single-day fall in the indices since February
2018, and the worst week for the market in four years, in which they declined 7 per cent each.The Nifty VIX - a gauge of the markets'
expectation of volatility in the near term - soared as much as 33.39 per cent during the session, highlighting a spike in volatility and
fear among the market participants - before settling up 28.75 per cent.Asian stocks tracked another overnight plunge in Wall Street's
benchmarks on Friday with the markets in China, Japan and South Korea posting heavy losses
European stock market benchmarks, including the CAC, DAX and FTSE, plummeted around 3 per cent each in early trades as the virus threatened
to sweep across Europe and elsewhere.Analysts say the increase in the number of coronavirus cases highlighted the risk of world economy
taking a bigger-than-anticipated blow in a world that is more integrated than ever
The virus has now infected more than 82,000 people globally and counting."Until last week, the market was of the view that coronavirus is
going to have only a minimum impact on global economy An increase in the number of new cases is changing the view," said Vinod Nair, head of
research at Geojit Financial Services
"There are fears of some slowdown in the economy.""Selling pressure was seen through the day with no major recovery seen from the lows
It was the first trading session of the near month March 2020 derivative series," said Deepak Jasani, head retail research at HDFC
"Sentiments remained negative as the coronavirus has now spread to many countries across the world and there is fear that new outbreaks will
push down global demand."Analysts awaited official data on gross domestic product (GDP) due at 5:30 pm for any signs of revival in the
economy, which is staring at its worst pace of annual expansion since the 2008-09 global financial crisis
Many economists expect GDP growth to pick up to 4.7 per cent in October-December, from 4.5 per cent in the previous quarter.Metal stocks
were plummeted during the day, with Vedanta nosediving 13 per cent, while Jindal Steel, Hindalco, Tata Steel and NMDC losing around 7 per
Information technology stocks took it on the chin, with Infosys, TCS and Tech Mahindra shedding 5-7 per cent each
Street, with a gain of 0.3 per cent
