Coronavirus, SBI Cards, Yes Bank, US Fed rate cut among top factors that spooked 2700-pt fall in Sensex

By: |
March 16, 2020 3:57 PM

All the Nifty sectoral indices ended the day in red. Nifty Bank index plunged 8.29 per cent or 2,087 points dragged by RBL Bank, IndusInd Bank and IDFC First Bank

Sensex, NiftyAll the 30 Sensex stocks dived deep sea of red, with IndusInd Bank as the top loser, down over 18 per cent, followed by Tata Steel, HDFC, ICICI Bank and Axis Bank, each down 10 per cent each

Mayhem in domestic equity market continued on Monday in the wake of rising coronavirus cases across the globe. The total number of positive coronavirus cases in India has crossed 100-mark, according to the data from the Ministry of Health and Family Welfare. S&P BSE Sensex fell more than 2,600 points in today’s session, to end at 31,390, while the broader Nifty 50 index slipped below the crucial 9,200-mark, to finish at 9,199 points. “During the afternoon session, the mood of the markets continued to remain dampened as credit pressures have intensified on India Inc as the coronavirus spread deepens. Investors shrugged off the lower wholesale inflation numbers which came in at 2.26% in February. The wholesale inflation had stood at 3.1% in the previous month,” Narendra Solanki, Head Fundamental Research -Investment Services, Anand Rathi Shares and Stock Brokers said.

Here’s what spooked 2,700 point fall in Sensex today-

IndusInd Bank plunged 18%- All the 30 Sensex stocks dived deep sea of red, with IndusInd Bank as the top loser, down over 18 per cent, followed by Tata Steel, HDFC, ICICI Bank and Axis Bank, each down 10 per cent each.

Nifty Bank index dropped over 8%- All the Nifty sectoral indices ended the day in red. Nifty Bank index plunged 8.29 per cent or 2,087 points dragged by RBL Bank, IndusInd Bank and IDFC First Bank. Similarly, Nifty FMCG index dropped over 5 per cent weighed by weakness in ITC, Godrej Industries, Emami.

US Federal Reserve cut interest rates to near zero- The US Fed on March 15, 2020 slashed benchmark interest rate by a percentage point to near zero in an attempt to offset the negative impact of the coronavirus outbreak on the US economy. The Fed also purchased another $700 billion worth of treasury bonds and mortgage-backed securities.

Yes Bank moratorium to be lifted on Wednesday- Yes Bank will resume all its banking services for customers from March 18, 6:00 PM, the troubled lender said in a tweet on Monday. The troubled lender was placed under a moratorium by the Reserve Bank of India (RBI) on March 5, limiting withdrawals from customers to Rs 50,000 till April 3.

Coronavirus cases in India above 100- The total number of positive coronavirus cases in India has crossed 100-mark and as per latest data from the Ministry of Health and Family Welfare, India has found 110 coronavirus patients as per the data updated at 11.30 PM on Sunday. The Ministry informed that so far coronavirus has infected 110 people across the country.

SBI Cards and Payment Services listing day- SBI Cards and Payment Services Ltd shares opened down 13 per cent from the IPO price. SBI Cards shares began trading at Rs 658 per share, against the IPO issue price of Rs 755. SBI Cards initial public offer (IPO) was opened for subscription on March 2 and continued to accept bids till March 5. While SBI Cards shares ended 2.57 per cent higher at Rs 678 apiece on NSE.

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