INSUBCONTINENT EXCLUSIVE:
The domestic equity market continued its downward journey on Wednesday with benchmark indices tumbling to fresh three-year closing lows as
The 30-share Sensex closed 5.59 per cent or 1,710 points lower at 28,870, while the 50-share Nifty tumbled 4.75 per cent or 426 points to
It was the lowest close since March 3, 2017 for Sensex and January 23, 2017 for Nifty
A total of Rs 5.9 lakh crore of investor wealth was eroded on the BSE.
In early morning trade, Sensex had gained as much as 1.71 per cent or
523 points to 31,102 while Nifty had risen 1.79 per cent or 161 points to 9,128.
Volatility index, India Vix jumped to 64.47, the level last
seen in 2008.
Last week, the World Health Organisation (WHO) declared coronavirus as a pandemic
Globally, nearly 2,00,000 confirmed cases have been reported and nearly 8,000 people have lost their lives due to the disease.
The number of
novel coronavirus cases in India has risen to 153 at the time of writing this copy
The number includes 25 foreign nationals and so far three people have lost their lives.
The Supreme Court in its hearing rapped telcos and
the department of telecom for going through with the self-assessment of AGR dues
The apex court questioned the Solicitor General on telcos' self-assessments without permission of the court, calling it a contempt of
court.
Following the scolding, the bears hammered bank and telecom shares
Banks have huge exposure to debt-laden telecom firms, and if telcos go bankrupt, it will result in higher NPAs for the banks.
Markets at a
glanceThe market breadth was extremely bearish with more than five shares declining for every share that advanced on the BSE.
Broader market
was deep in the red as well, with BSE Midcap and BSE Smallcap indices declining 4.84 per cent and 6.09 per cent, respectively.
All sectoral
indices closed sharply lower with the BSE Telecom index hit the most
respectively.
Utilities, bankex and finance were among other sectors on the BSE that declined 7 per cent each
They rose 9.83 per cent and 0.97 per cent, respectively.
Financials were the top losers
markets ended at 3 year lows, with Nifty below the 8500 mark, in tandem with Asian and European markets after global agencies warned of a
global recession following the impact of Covid-19
Services''The Dalal street pounded amidst panic selling as the pandemic Covid-19 manifested itself in the minds of investors
What we witnessed today in our markets was truly unnerving to every investor as our market cap to GDP virtually touched GFC lows
Securities.Global marketsUS stock futures and several Asian shares fell in choppy trade on Wednesday, as worries about the coronavirus
index of Asia-Pacific shares outside Japan dipped 0.3%, led by a 4.9% fall in Australia
European shares tumbled as fears over the relentless
global spread of the coronavirus overshadowed sweeping United States stimulus measures to support businesses and contain the economic
damage from the pandemic, a Reuters report said.
The pan-European STOXX 600 index was down 1.9 per cent at 0804 GMT, with bourses in London
and Germany leading declines.
