INSUBCONTINENT EXCLUSIVE:
the selloff in world equities as the investors fretted over damage to the global economy from fast-spreading coronavirus pandemic.
On
cases in the world have exceeded 1,80,000
In India, the total number of coronavirus confirmations have reached 130, with three deaths.
Unabated selling by foreign institutional
investors (FIIs) has also weighed heavily on the Indian stock market
Since February 24, FIIs have been net sellers in all sessions and have dumped a net of $4.7 billion of Indian shares in the period.
The
30-share Sensex closed 2.58 per cent or 810.98 points at 30,579.09, the lowest close since March 10, 2017
The 50-share Nifty dropped 2.51 per cent or 229.10 points to close at 8,968.30, the lowest close since May 24 2017.
The market
capitalisation of BSE-listed firms came down by 2.11 lakh crore to 119.52 lakh crore.
Markets at a glance:Market breadth was negative with
more than two shares declining for every share that advanced on the BSE
As many as 530 companies tested 52-week lows on the BSE.
BSE 500 index fell 2.23 per cent, while BSE MidCap and BSE SmallCap indices dropped
1.84 per cent and 2.27 per cent respectively.
All sectoral indices closed lower
lender ICICI Bank was the top loser as it shed 8.95 per cent
YES Bank bucked the trend and rose 58.09 per cent
The stock has gained around 1,000% over the last seven sessions.
As many as 21 Sensex stocks closed lower
aversion, the retail investor should look at it as an opportunity by the market, to buy and select good quality companies or stocks at
reasonable valuations if one has an investment horizon of more than 2 years
There is ample historical evidence which suggests that the markets have bounced back post such sudden and sharp corrections and have
rewarded the investors who chose to stay put with their investments
head- fundamental research, Axis Securities,
"After trading in the positive for the majority of the day, the indices turned red during the
last hour of trading, with selling mainly seen in Financials
European markets and Dow futures added to the negativity
Covid-19 showed no signs of abatement and with Central Banks monetary policy actions having limited impact, calls were out for more actions
higher but gave up their early gains to trade lower.
